Japan has been printing money hand over fist for decades - more than tripling the money supply since 1990 - but their CPI has been dead-ass flat. [1] Money supply matters, but more money doesn't immediately mean higher prices. More money doesn't necessarily mean each unit is worth less than before because it doesn't exist in isolation. What you do with that money matters.
[edit] Concrete example: if I print money to build a new port, and that new port leads to a decrease in shipping costs? Then prices go down, meaning each dollar is worth more than before I increased the supply. New money is an investment. It's the liability side of the books. The asset side of the books (what we got for it) matters too!
[edit] Concrete example: if I print money to build a new port, and that new port leads to a decrease in shipping costs? Then prices go down, meaning each dollar is worth more than before I increased the supply. New money is an investment. It's the liability side of the books. The asset side of the books (what we got for it) matters too!
[1] https://fred.stlouisfed.org/series/JPNCPIALLMINMEI