Currency depreciation due to monetary inflation.
Discussion
But where does the value go? If my money has less value, where does the value that is "removed" from my money? Is it erased or goes to someone?
That's a very complex issue. But one of the factors is, that the value is spread over all available money. So, when more money is "printed", the value of your individual banknote gets less.
So to simplify the newly printed money takes away the value of all already available money proportionally, right?
Yes. But that also is not instantly. It usually happens with a delay. The first ones that get access to this new money are the banks or central banks. And it's slowly injected on the "market", i.e. where we buy our groceries. So the doubling of the available money slowly causes a doubling of prices. That is, of everything else stays the same.
Part of the higher prices can also come from less available products to buy. Like currently, there's less oil or primary energy sources available on the world market, so their price rises also without any additional money printed. Again, the money available is spread over the value af the available products. So, when there are less products, you must use more money to acquire them.
But this effect is normally not called inflation. Classically, inflation is the expansion of available (paper) money.