Whatever the basic causes of inflation might be, it is normally accompanied or accommodated by excessive increases in the money supply. Indeed, inflation may often find its origin in excessive increases in the money supply when monetary policy is used as a deliberate instrument to provide artificial stimulation to the economy.
In any national programme to keep inflation down, the control of the money supply must be included as an indispensable component of the total package. Restricting the growth in the money supply will make it impossible for inflationary impulses, even of a non-monetary origin, to escalate and permeate in continuous price rises.