Austrian economists understand this perfectly. It’s not a mystery at all. Expanding the money supply is the traditional definition of inflation. Keynesian economists came up with this idea that you can just print money infinitely to encourage spending (as savings will be increasingly devalued) but the consequence is that every dollar created (“printed”) devalues/dilutes everyone else’s purchasing power. People will jump through mental hoops trying to justify it, accusing “deflation” of making people want to save money as if that is so terrible. The actual underlying issue is the expansion of the money supply. North Korea is printing dollars by the millions now in an attempt to impoverish Americans.