Decreasing the purchasing power of the currency is also taxation. For example, a country might want to increase its money supply to nominally satisfy obligations to old people, while the supply of labor and goods does not keep up with the demand. Manifests as higher prices and longer wait times.

Or the country can experience a reduction in the quality of goods and services being delivered, for example instead of being able to see a doctor, some portion of the population is now expected to consult with someone less qualified.