But it didn't decrease because there was more of it.
Consider any commodity... corn, wheat, diamonds, oil, water, etc. Basic rule of supply and demand governs the price of the commodity. more supply than demand and the price drops. Conversely, when the supply drops and the demand increases or just stays the same, the imbalance drives the price increase. Actually, diamonds are abundant, but the DeBeers & Russian cartels limit the supply to keep the price up. Much to the dismay of men and delight of women. ...
An article by John Steele Gordon says; "Money is just another commodity, no different from petroleum, pork bellies, or pig iron. So money like all commodities can rise and fall in price depending on supply and demand. But because money is, by definition, the one commodity that is universally accepted in exchange for every other commodity, we have a special term in the price of money: We call it inflation. As the price on money falls, the price of every other commodity must go up ..."
Both he and Milton Friedman say inflation is caused by the increase in money relative to output.
Our current bout of inflation is caused by the American gov't throwing extra money into circulation via Covid relief, unemployment benefits, and various other give-aways. Present administration currently is proposing to making it worse. They call it "build back better" I call it "Inflation cubed"
here's a link to the article
https://imprimis.hillsdale.edu/inflation-united-states/