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Inflation refers to the sustained increase in the general price level of goods and services in an economy over time.
Inflation erodes the value of money, reducing your purchasing power as prices rise, making goods and services more expensive.
While inflation alone doesn't directly cause recessions, high and unstable inflation can contribute to economic instability, potentially leading to recessions.
Various factors, including increased demand, rising production costs, changes in monetary policy, or supply disruptions can cause inflation.
A moderate level of inflation can stimulate spending and economic growth, but excessively high inflation can have adverse effects on the economy.
Inflation affects individuals differently based on their income, spending habits, and ability to adjust to rising prices. Therefore, high inflation can disproportionately harm low-income families and individuals and households receiving government assistance.
Central banks and governments use monetary and fiscal policies to manage and control inflation by influencing factors such as money supply, interest rates, and government spending.
The duration of inflation can vary depending on its underlying causes. Inflationary periods can range from short-term spikes to prolonged periods lasting several years.
Inflation refers to a sustained increase in the general price level, while deflation is the opposite—a sustained decrease in the general price level. Deflation can have its own set of economic implications and challenges.