Well actually, that's why I hesitated to say it confidently. However, now that I'm looking at the equation again, it seems to account for what I had initial reservations with (price)

V = P*T/M

In hard money I think we would expect some increase in velocity when prices go down. Its like a homeostasis mechanism for the market. What wasn't accounted for though was supply. Sure, price is influenced by supply, but here let's simplify my reservations.

Big power outage. Huge surge in demand for toilet paper, food, non electrical heating, etc. The velocity of money has to increase here because if it didn't that inherently means people weren't demanding these things (or that they weren't available for purchase)

Now the other side of that would be, is the supply of these items to meet the response of a community dealing with a power outage available? If not, the prices need to temporarily go up until production can ramp up hence the inflationary effect.

ON THE OTHER HAND if you print a bunch of money now people be looking at those prices like a kid in a candy store gobble it ALL up and then the price rises and freaking stays there lol.

Oddly enough money supply is accounted for in this equation, but goods and services supplies which can fluctuate to meet changing velocity