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  • A sustained increase in the general price level. Because inflation is an indicator of the general upward movement of prices, it is normally measured by an index of prices, the most popular and influential being the consumer price index (CPI)—a normal rather than luxurious basket of goods and services consumed by typical urban consumers.

    There is no consensus on the reasons for inflation, but some economists argue that it is a monetary phenomenon; meaning that it is the result of a rapid increase in the money supply (growth) relative to the production of output. In a simplistic monetary expression, inflation may be defined as “too much money chasing too few goods.”

    Economists, more often than not, distinguish between two types of inflation: (1) demand pull and (2) ...

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