What is inflation?| Indian Economic Notes!
What is inflation?| Indian Economic Notes! Mr. UPSC Exam, What is inflation? ★ Inflation is defined as an increase in the prices of food, clothing, housing, entertainment, transportation, consumer goods and many other everyday or common goods and services. ★ Inflation is defined as the average change in the prices of a basket of goods and services over time. ★ Deflation is an opposite and abnormal reduction in the price index of this bundle of goods. ★ Inflation is defined as a fall in the purchasing power of a country's currency unit. It is expressed as a percentage. In this article, we will look at what inflation is, different ways of measuring inflation and how inflation is measured in India. Table of Contents : 1 Inflation 2 Different ways to measure 3 Measurement of Inflation in India 4 Conclusion 5 Frequently Asked Questions 6 MCQs What is inflation? ★ Inflation is the rate at which the prices of goods and services rise in a given economy. ★ Inflation occurs when price...