Inflation - a Phenomenon with Multiple Causes?

This paper aims to analyze the causal relations between money supply change and inflation rate, and between the GDP change and inflation rate. The data used is provided by the National Bank of Romania and National Institute of Statistics. We calculated correlations between these parameters, resulting in a positive correlation between inflation rate and monetary supply change (as many economists argue), but also between the inflation rate and GDP change, which would lead to the conclusion that inflation is fueled by the monetary supply growth.