Inflation is an increase in the price of goods or services that is not offset by an increase in quality.

Question

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Inflation refers to a general increase in the price of goods and services in the economy, which is not due to an increase in quality or improvement in the goods or services being offered. This increase in prices can be caused by various factors such as an increase in demand, limited supply of goods or services, or an increase in the cost of production.

Inflation Is an Increase in the Price of Goods or Services