Counting as inflation, also . . . unless you're one of those who erroneously believes the govt doesn't count it.
The true increase in the amount of money in circulation is shown here as “TMS2”: http://blogs.forbes.com/michaelpollaro/austrian-money-supply/
9%
The printed money are bits stuck in the bank reserves. No idea how and when they get unleashed. No economist knows either, because it’s uncharted territory. But unleash they must.