Inflation refers to the sustained increase in the general level of prices of goods and services in an economy over a period of time. There are several types of inflation, including:
- Demand-pull inflation: This type of inflation occurs when the demand for goods and services exceeds the supply, leading to a rise in prices. It is often caused by an increase in consumer spending, government spending, or investment.
- Cost-push inflation: Cost-push inflation occurs when the prices of inputs used in the production of goods and services, such as labor or raw materials, increase, causing producers to increase the prices of their products to maintain profitability.
- Structural inflation: This type of inflation is caused by changes in the structure of an economy, such as shifts in population demographics, changes in technology, or changes in the availability of resources. These changes can lead to persistent increases in prices over time.
- Hyperinflation: Hyperinflation is a type of inflation that occurs when prices rise at an extremely high rate, often exceeding 50% per month. It is often caused by excessive money supply, political instability, or war.
- Deflation: Deflation is the opposite of inflation, and occurs when the general level of prices of goods and services in an economy decreases over time. It can be caused by a decrease in consumer spending, a decrease in the money supply, or increased productivity.
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