Comment by MarkusQ

Inflation isn't like ice cream that comes in assorted flavors. It's a simple ratio (hard to measure in practice, but still conceptually simple).

If one side of a ratio is fluctuating (for whatever reason) the ratio's value can be stabilized by making corresponding adjustments to the other side. Amount of goods drops 10%? Reduce the money supply by 10%, bam!, no inflation.

There may be all sorts of policy or political reasons for not doing this, but that's not the same thing as saying that it's necessarily ineffective because the inflation in question is the wrong "flavor".