We saw this phenomenon in Argentina. It's called "inflationary inertia". Basically, the government prints money creating inflation in the first place, so prices go up. But when you stop printing money, like Argentina did in 2016 and even reduced the money supply by 5%, inflation still goes up because everybody expects it to go up so they get ahead of it to avoid losing money, starting with the businessmen. Once the businessmen rise prices, everybody else in the economy does the same, and workers demand a pay raise to match inflation, etc. creating a vicious cycle so you have inflation regardless of the money you print or don't print.

This technique seems to have stopped that cycle by changing the expectations of the people.