ECONOMICS

Detailed explanation-1: -Over time, the term inflation has evolved to refer to increases in the price level; an increase in the money supply may be called monetary inflation to distinguish it from rising prices, which for clarity may be called “price inflation".

Detailed explanation-2: -Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.

Detailed explanation-3: -Inflation can be defined as the overall general upward price movement of goods and services in an economy. The U.S. Department of Labor’s Bureau of Labor Statistics has various indexes that measure different aspects of inflation.

Detailed explanation-4: -Based on speed, there are 4 different types of inflation – hyperinflation, galloping, walking, and creeping.

Detailed explanation-5: -Inflation is an increase in the general price level of goods and services. When there is inflation in an economy, the value of money decreases because a given amount will buy fewer goods and services than before.