Too Much Money to Blame for Higher Prices

Lido Mises Economic Blog:

This just in...it's not so much the usual set of scapegoats and bad guys that is to blame for chronic price inflation. A few economists have advanced the radical notion that we are seeing the effects of too much money printing by central banks.

While conventional economic wisdom says that supply and demand factors are what drive changes in oil and other commodity prices, the influence of monetary policy cannot be overlooked, some analysts say.

and

small but influential group of economists thinks that a price fluctuation of this magnitude is determined less by supply and demand for oil, and more by that for money.

Mises wrote in The Theory of Money and Credit that prices are determined by supply and demand of the goods and supply and demand for money itself.