No, that's not what they do. Too much inflation is bad, but you need a little bit. So they seek to maintain a "healthy" amount of inflation. Typically around the world this is something like 2-3%.
Eg: political changes, supply and demand, changes to the definition of the service. i.e. Imagine the difference in what treatments are covered by healthcare today as opposed to say 25 years ago.
Don't forget the "new money" also finds a home through population increases and export of actual money (black and white market).
An ounce of gold was $21 in 1920 and $1410 in 2010. http://www.wisegeek.com/what-is-the-historical-price-of-gold...