What is your take on Turkish 12 % inflation (2020) and Iran 54 % inflation (2020) ?
Do you think this is due to money printing from Central Bank that make too much money on the circulation that is not back with production and productivity ?
For information, in the past there is huge inflation and it even bring an economic crisis over a decade in Mecca after Muslim king from Africa gives huge amount of gold to the people there and gold at that time was the currency
Inflation happens very simply.
Essentially a larger amount of money/resources/inputs/time/etc is chasing/exchanging for the same set of goods+services (things in demand by society for consumption and saving) compared to an earlier time.
Time/etc is money. Resources/inputs generally have a money (value) reference. Money is money (normally issued by govt as currency).
So lets just say money for all of this for simplicity sake (though each one can be gone into more specific detail as to their particular inflation in the human social sciences that Economics tries to summarise)
You can have a simple version of things happening (which rarely happens these days) or more complicated version (of same thing but are more commonly seen).
The simple versions used to be seen a lot more pre-1950 (and especially pre-1900) when the world was more mercantile globally....and supply chains and products were lot more simple overall.
The more complicated versions started emerging in 20th century and especially after ww2 and the rise of monetary analysis and theory....given the more complicated supply chains and trade happening globally (in effort to reduce conflict and promote prosperity globally).
So take physically more money chasing same (or smaller) number of goods (in a period of time+depth for the money circulation as you point out)....and you get inflation (literally means "more" money for same).
Simple version of this is caused by govt printing more money and injecting it into the economy...but economy being able to provide the same amount of physical stuff in total. Like how weimar republic wanted to pay off its versailles treaty debt by simply producing more duetsche mark....but without accounting for the effect on its own people (and probably is the most studied case of hyperinflation).
Complicated version would be something like govt decreasing the interest rate, making money cheaper to borrow...but again economy producing the same amount of stuff (due to the issue not being price related in the impulse govt is hoping for)
One can also take same amount of money chasing smaller number of goods.
Simple reason of this is say a natural disaster physically reducing production/supply of a (especially much demanded) good....hence price increases as again its demand is "inelastic" relative to the impulse of circulation time+depth.
Complicated reason could be a good your people dont know how to make (or dont have the access/facilities to make) and thus have to import by producing something to export (That the world wants).
But say if another part of world becomes more competitive (i.e more efficient or cheaper input etc) in that same stuff you were providing to the world and you do not keep pace.
It means you term of trade will worsen with the world (especially if you were reliant on those single few "elastic" items to sell to others, that are now eroding competitively.... to then buy from them, especially "inelastic" stuff).
That in turn means less supply of those items, but you still have same amount of money in that impulse+depth relatively speaking internally....and thus inflation occurs.
These are all just specific illustrative examples, there is a large combination (in between and of other ways entirely) of what could be going on which is the task of each country's best economists to study and give advice (to policy makers) on.
It just needs more money chasing same amount of "stuff" for whatever reason....and you will get inflation happening.
Then the next part is how you measure that inflation too (what do you select as reference goods and basket etc as a individual consumer finds certain things more important to him/her than say a wholesaler or industry).
This varies from country to country as well....though they standardise more as they integrate their supply chains and trade more.
So why Turkey has X% inflation and Iran has Y% inflation needs a look at all of this...but the general thing is there is too much money introduced/flowing for relative same amount of goods from year 1 to year 2. Or a sudden structural increase in demand for something and supply not being able to keep up (i.e a deeper level of it past currency inflation).
For archaic older periods, it mimics the mercantile model simplicty.
So yes introducing gold suddenly can mean more goods demanded but suppliers (of day to day stuff in demand) unable to keep up.
Thus suppliers of goods can charge more gold today for same thing yesterday....as there is simply more gold available in the system and system has not given time to expand and settle to the impulse introduction.
