[zeugma]

So, despite the Great Depression and the Second World War, there was not net inflation between 1920 and 1945.

The depression was a time of deflation. There have been many of these during the history of the United States. That's what makes the numbers look fairly whacky. Unending inflation is a relatively recent thing.

[wideawake]

You would expect that during a depression scarcity of supply in goods would drive prices up but the scarcity of buyers able to meet those prices would put downward pressure on prices and maybe net out. yet at the same time, you would think that the scarcity which obtains in war with rationing would drive prices up radically.

I would see the depression as being possibly a wash while the war would be extremely inflationary given the enormous commitment of resources to it.