Inflation refers to the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. It implies a sustained increase over time, affecting a broad range of goods and services, not just isolated items or a one-time event.
Inflation is
Asked in WBPSC CS Prelims 2021 · Topic: Money & Banking (Inflation: Types, Causes, Effects, and Monetary Policy Responses)
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