Does it feel like your dollar does not buy quite as much as it used to? Or maybe you feel that things are somewhat pricier than it used to be some time ago?
This situation of increase in prices or reduction in the purchasing power of the money is what is regarded as inflation.
Like GDP or unemployment, inflation too is an important measure of the state of the economy.
Inflation is a sustained rise in overall price levels of most goods and services of daily or common use, such as food, clothing, housing, recreation, transport, consumer staples, etc.
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Story By: Frederica Elbourne
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