Inflation is a continued and sustained rise in the general price level of a country or, equivalently, a continuous decrease in the value of money. Specifically, inflation is not an increase in a few prices but in a large number of prices at once, not a one-time increase but an increase that spreads out over time, and not a temporary, reversible phenomenon, such as the seasonal increase in the prices of certain consumer goods, but a sustained increase. Inflation is typically measured by the change in some price index, based on a basket of goods and services, such as the consumer price index. Inflation has important economic, political, social, and ethical implications for countries, especially because it affects the standard of living and distribution of ...

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