The sustained decrease in the general price level is called as

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deflation

stagflation

devaluation

recession

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UPSC CDS-1 – 2023

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The sustained decrease in the general price level is defined as deflation.

Deflation is the opposite of inflation, representing a fall in the average prices of goods and services over time.

Stagflation is a condition of slow economic growth, high unemployment, and rising prices (inflation). Devaluation is the lowering of the value of a country’s currency relative to other currencies. Recession is a significant decline in economic activity lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

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