Question

what is inflation? elucidate the causes and consequences of inflation?​

Answer 1

Inflation is a measure of the rate of rising prices of goods and services in an economy.

Inflation can occur when prices rise due to increases in production costs, such as raw materials and wages. A surge in demand for products and services can cause inflation as consumers are willing to pay more for the product.

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Answer 2

Answer:

In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.

Causes of Inflation. Inflation means there is a sustained increase in the price level. The main causes of inflation are either excess aggregate demand (AD) (economic growth too fast) or cost push factors (supply-side factors).