Home » UPSC Combined Section Officer » The term ‘inflation’ refers to the increase in

The term ‘inflation’ refers to the increase in

June 1, 2025 by rawan239

The term ‘inflation’ refers to the increase in

unemployment rate

prices of goods and services

foreign exchange reserves

interest rates

This question was previously asked in

UPSC Combined Section Officer – 2019-20

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Inflation is defined as a sustained increase in the general price level of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy.

– It is about the increase in the *general* price level, not just a few items.
– It leads to a decrease in the purchasing power of money.
– It is typically measured as an annual percentage increase.

Inflation can be caused by various factors, including demand-pull (excess aggregate demand) and cost-push (increase in production costs). It is typically measured using price indexes like the Consumer Price Index (CPI) and Wholesale Price Index (WPI).

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