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What is Inflation?

August 31, 2020
in ALL, College+, High School, Middle School, Money & Entrepreneurship
Reading Time: 11min read
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What is Inflation?

What is inflation

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Inflation refers to the increase in prices of any goods and services, whether essential such as food, clothing, housing rent, property (apartments, land) prices, transport (cabs, buses, trains), or non-essential such as cosmetics, jewellery, cars, etc.

Let’s consider a real-life scenario to understand inflation. Suppose the public transport (buses, trains) of a city stops for a month because the drivers are protesting demanding an increase in their salaries. What will happen? A lot of people ( let’s assume around 60% people of a city) are dependent on public transport and when they aren’t operational, they think of other options to go to their workplaces right? And it is cabs and autos, right?

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Deflation

The opposite of inflation is deflation. It happens when the price of a commodity falls, which occurs rarely.

Now you know that inflation has a direct impact on the economy of a country.

To learn about Economy, click here.

Citations :

Skillioma (January 21, 2021) What is Inflation?. Retrieved from https://www.skillioma.com/what-is-inflation/.
"What is Inflation?." Skillioma - January 21, 2021, https://www.skillioma.com/what-is-inflation/
"What is Inflation?." Skillioma - Accessed January 21, 2021. https://www.skillioma.com/what-is-inflation/
Skillioma May 23, 2020 What is Inflation?., viewed January 21, 2021,<https://www.skillioma.com/what-is-inflation/>
Skillioma - What is Inflation?. [Internet]. [Accessed January 21, 2021]. Available from: https://www.skillioma.com/what-is-inflation/
"What is Inflation?." Skillioma [Online]. Available: https://www.skillioma.com/what-is-inflation/. [Accessed: January 21, 2021]

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