ECONOMICS
INFLATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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average
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median
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variance
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staggered
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None of the answers
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Detailed explanation-1: -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-2: -Creeping inflation is a type of inflation in which the price level persistently rises over a period of time at a mild rate. During creeping inflation, the annual price rise varies between 2% to 3%. Creeping inflation is good for the economy as it creates demand.
Detailed explanation-3: -Remember the definition of inflation is a sustained increase in the AVERAGE price level of goods and services. The most common measure of inflation is the Consumer Price Index-or CPI for short. The CPI measures changes in price level using prices of the market basket of goods and services collected each month.
Detailed explanation-4: -Average annual inflation rate The change in the average index of one year compared with the average index of the previous year, expressed as a percentage.