First published by Money Metals Exchange here: https://www.moneymetals.com/news/2022/03/09/ukraine-and-the-next-wave-of-inflation-part-1-002491

The term inflation is used by many people to mean rising consumer prices, regardless of the cause. Though most are aware of nonmonetary causes, there is a tendency to scrutinize the quantity of dollars whenever prices are rising. Milton Friedman famously said that “inflation is always and everywhere a monetary phenomenon.”