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You can stop inflation going up by not using any of your monthly income to print ducats. The only way to reduce it is to build governors. And, assuming you are on the up-to-date patch, going bankrupt will double inflation, not halve it. If you're not on the up-to-date patch we are not responsible for giving you bad advice
I was up in 46% inflation before I went bancrupt. So it didn´t help much. But I managed to promote mayors in many of my provinces and that did help alot. I´m down to 1% Inflation..