What is Inflation? Explain various measures to control Inflation.
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inflation is defined as the condition of continuous rise in the general price level.This tells about the average increase in the price of various goods or an item group.
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Inflation is the decline of purchasing power of a given currency over time. A quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some period of time. The rise in the general level of prices, often expressed a a percentage means that a unit of currency effectively buys less than it did in prior periods.
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