Diocletian mostly solved the inflation problem as it pertained to the needs of the army only, by creating a taxation "in kind" system along with charts for their equivalences.
Basically he reverted the economy to an elaborate barter system that was designed to fulfill the annual needs of the Roman military. So if the army needed X thousand tree trunks, or Y thousand shoes, or Z thousand swords, they would requisition this directly from the provinces, and through a complex system of bartering (thus avoiding coinage) they would obtain them in the end.
However this system was for the army and the bureaucracy only. As for the rest of commercial society which required coinage, because the Romans didn't have an understanding of how inflation actually worked, they tried to combat the problem with price controls. Which of course, completely failed to stop the inflation, but has left us with a nice tidy comparison of what values were expected to be in the late Roman period.
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Follow up question(s):
Did the empire give up collecting taxes in currency?
If so when was this restored in the East or West?
I was reading some recently and there was a throw away line about one of the Eastern Emperors in the 500s starting to collect taxes again via money.
I am under the "assumption" that a lot of Diocletian's policies stemmed for a faltering monied economy. I have read several times that he started to formally collect taxes in kind rather than cash. This then drove an imperial take over of an industry to ensure they the good or service needed was available, which cascaded into making more and more jobs hereditary.