What is Inflation?

Inflation Definition: Inflation refers to an increase in the price of services and goods in an economy, which often impacts demand based on other factors, such as the cost of living, operating a business, and employment rates.

Changes in the cost of goods are measured as the inflation rate, which is often reported as a percentage annually on the price index or the consumer price index.

These changes are often compared against the cost of living, and average incomes, to determine the impact of inflation.

High price increases are known as hyperinflation, which can significantly affect the economy. In many cases, inflation doesn’t occur at the same rate for every item or service on the market.

For example, fuel prices may increase sharply, and certain food products, while other items, such as clothing or electronics, vary at different rates.

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