Wrong.

Inflation is caused by devaluation of the dollar. This happens when the Fed decides to print more money. More money means each dollar has a diminished value.

Remember how your mom always told you that money doesn't grow on trees? Well she was right. You can't just pump more currency into circulation without diminishing it's value. That's why people are so worried about inflation right now. The dollar is already down in value, and they want to print more freakin' money. It doesn't make sense.

Yes, inflation is really that bad for the average American. Just because prices go up, doesn't mean WAGES are going to go up. Hell, minimum wage was stagnant for damn near ten years but prices were steadily climbing, weren't they?

Let's say you currently make $10 per hour. A gallon of milk is about $4. Let's say inflation drives prices up to 5x what they are currently. A gallon of milk would now cost $20, but you're still only making $10 per hour. That means you have to work 2 full hours just to buy ONE gallon of milk. Essentially everything will cost you 5x what it currently does, which means you really need to earn $50 per hour to maintain your standard of living. In a recession or depression, NOBODY is going to pay you $50 per hour, because even employers are subject to inflated prices so it costs them 5x more to operate.

Population does not affect inflation in the way you have described. A double in population would not mean inflation would be zero, it would remain the same or may even inflate more due to economic stress from increased consumption.