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@jewishreader I'm no macro-economics expert, so I don't know what numbers to look at to tell the difference between the various influences on inflation. I can't say that people refusing to pay inflated prices is indeed the reason for inflation lessening, just that it's possible.

As for the mechanism, people switch to cheaper substitutes (eating at home instead of McDonald's), or stop buying. Since this happens at the margins, I don't know how significant a change is needed before we start having a glut of money.