It is important to understand that the wage-price spiral is not the cause of inflation. The rise of wages and prices are the result, not the cause. There is one and only one cause of inflation - expansion of the money supply faster than the growth of the nation's material assets. Whether those assets are gold and silver, or food, machines and structures, the creation of money more rapidly than the creation of tangible items of value which people may want to purchase, floods the market place with more dollars than goods and dilutes the accepted value of money already in existence.
-Ezra Taft Benson