*I* am not claiming that money supply inflation has an effect one way or the other. *I* am defining a term without judgment or predilection. Before you can determine a value or a change in value, you need to know the demand or change in demand. The terms "money supply inflation" or "money supply deflation", in the clearest sense of the words, can only mean an increase or decrease in the money supply. That's the whole point of writing "money supply" in front of the words. Unfortunately and less clearly, "money supply" can mean the total number of individual undivided units (including the money multiplier for most measurements), or it can mean those units in circulation (this one, more often than not).