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What is Inflation?

January 10, 2022
in ALL, College+, High School, Middle School, Money & Finance
Reading Time: 11 mins 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 (February 5, 2023) What is Inflation?. Retrieved from https://www.skillioma.com/what-is-inflation/.
"What is Inflation?." Skillioma - February 5, 2023, https://www.skillioma.com/what-is-inflation/
"What is Inflation?." Skillioma - Accessed February 5, 2023. https://www.skillioma.com/what-is-inflation/
Skillioma May 23, 2020 What is Inflation?., viewed February 5, 2023,<https://www.skillioma.com/what-is-inflation/>
Skillioma - What is Inflation?. [Internet]. [Accessed February 5, 2023]. Available from: https://www.skillioma.com/what-is-inflation/
"What is Inflation?." Skillioma [Online]. Available: https://www.skillioma.com/what-is-inflation/. [Accessed: February 5, 2023]

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