The seasonally adjusted data (in billions) for M-1 for the two-month periods f

The seasonally adjusted data (in billions) for M-1 for the two-month periods from January 2008 through May 2009 are as follows:

January

$1368

March

1373

May

1374

July

1400

September

1452

November

1524

January

1576

March

1562

May

1596

During the period September 2008 through May 2009 M-1 experienced a large percentage increase. What subsequently happened to the rate of change in M-1? What
is the inflationary implication of the change in M-1? Have consumer prices reacted as you would have anticipated?