TJ's correct here, of course.
Oh yes it is. The only two things that can cause inflation are related to monetary manipulation or a decrease in the supply of all goods for whatever reason. I challenge you to point out a counterexample.
Uh...demand-pull inflation happens all the time. It's the main cause of rising gas prices over the past decade, for example.
Would you say that, were the monetary supply not expanding, gas prices would still rise without similar declines in prices in other sectors?
Yes, as the price increases are mostly due to international demand not directly related to the American money supply. Even if the US money supply were held constant, countries like China, India, Nigeria, etc. would still be demanding more and more oil, driving up the cost of gasoline everywhere due to the "bidding up" effect in a globalized market.
