Key takeaways:
The rate at which prices for goods and services increase is known as Inflation
It can be categorized into three main types – demand-pull, cost-push, and built-in.
It can be either positive or negative, depending on the rate of change and individual viewpoint.
What is inflation?
The measurement of price changes of individual products over time is very easy to measure. However, human needs aren’t limited to just one or two products. They need a diversified set of products and services to lead a comfortable life. These can include products such as fuel, metal, and food grains, services such as labor, entertainment, and healthcare, and utilities such as transportation and electricity.
Inflation refers to the quantitative measure of the rate at which the average price level of a set of selected goods and services increases over a period of time. In other words, it is the increase in the general level of prices where a unit of currency buys less than it did in previous per
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