Types And Meaning Of Inflation

January 30, 2021

๐“๐˜๐๐„๐’ ๐Ž๐… ๐ˆ๐๐…๐‹๐€๐“๐ˆ๐Ž๐
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๐‘ด๐’†๐’‚๐’๐’Š๐’๐’ˆ ๐’๐’‡ ๐‘ฐ๐’๐’‡๐’๐’‚๐’•๐’Š๐’๐’
The prices of goods and services do not always stay the same, sometimes it rises and sometimes it falls. The situation of rising prices of almost all goods and services is known as inflation. Generally, inflation is a substantial and rapid rise in the general price level and thereby a decline in the purchasing power of money. It is an economic term that means people must spend more to fill their gas tank, buy a gallon of milk, or get a haircut. Inflation so increases the cost of living.

๐‘ญ๐’†๐’‚๐’•๐’–๐’“๐’†๐’” ๐’๐’‡ ๐‘ฐ๐’๐’‡๐’๐’‚๐’•๐’Š๐’๐’
-It is a regular and continues rise in the general price level,ย 
-It is cumulative, because even a small rise in price in beginning may take a very large shape in the future,
-It is the situation of increase in the general price level not the increase in individual prices,ย 
-During inflation, the supply of goods and services is less in comparison to their demand (means AD is higher than AS),ย 
-Inflation is also caused by a monetary factor (means the price of goods and services increases due to an increase in the supply of money),ย 
-As prices rise, the money buys less. That is how it reduces your standard of living over time.

Economists have explained different types of inflation with several bases of classification. The main basis of classifying inflation maybe the rate of growth or speed, causes of inflation, government control, employment level, etc. Here we have presented a brief explanation of all the possible types of inflation explained by economists.
Types of inflation can be classified as:
โœ๏ธ๐๐š๐ฌ๐ž๐ ๐จ๐ง ๐’๐ฉ๐ž๐ž๐: Creeping Inflation, Walking Inflation, Running Inflation and Galloping or Hyper Inflation.
โœ๏ธ๐๐š๐ฌ๐ž๐ ๐จ๐ง ๐ˆ๐ง๐๐ฎ๐œ๐ž๐ฆ๐ž๐ง๐ญ: Wage Induced Inflation, Profit Induced Inflation, Scarcity Induced Inflation, Deficit Induced Inflation, Currency Induced Inflation, Credit Induced Inflation, Foreign Trade Induced Inflation.ย 
โœ๏ธ๐๐š๐ฌ๐ž๐ ๐จ๐ง ๐“๐ข๐ฆ๐ž: Pre-war Time Inflation, War Time Inflation, Post War Inflation, Peace Time Inflation
โœ๏ธ๐๐š๐ฌ๐ž๐ ๐จ๐ง ๐’๐œ๐จ๐ฉ๐ž/๐‚๐จ๐ฏ๐ž๐ซ๐š๐ ๐ž: Comprehensive Inflation, Sporadic/scattered/isolated inflation
โœ๏ธ๐๐š๐ฌ๐ž๐ ๐จ๐ง ๐†๐จ๐ฏ๐ž๐ซ๐ง๐ฆ๐ž๐ง๐ญ ๐‘๐ž๐š๐œ๐ญ๐ข๐จ๐ง: Open Inflation, Suppressed Inflation
โœ๏ธ๐๐š๐ฌ๐ž๐ ๐จ๐ง ๐„๐ฆ๐ฉ๐ฅ๐จ๐ฒ๐ฆ๐ž๐ง๐ญ ๐‹๐ž๐ฏ๐ž๐ฅ: Partial Inflation, Full Inflation
โœ๏ธ๐๐š๐ฌ๐ž๐ ๐จ๐ง ๐ญ๐ก๐ž ๐‚๐š๐ฎ๐ฌ๐ž๐ฌ ๐จ๐Ÿ ๐ˆ๐ง๐Ÿ๐ฅ๐š๐ญ๐ข๐จ๐ง: Demand-Pull Inflation, Cost-Push Inflation
โœ๏ธ๐Ž๐ญ๐ก๐ž๐ซ ๐๐š๐ฌ๐ข๐ฌ: Ratchet Inflation, Stagflation
YouTube channel: obezip universal statisticalsย 

Jan 30, 2021 at 11:57 AM
Read and learn
Feb 01, 2021 at 01:11 PM
Economic student
Feb 01, 2021 at 01:11 PM
Hope u guys understand?
Mar 03, 2021 at 09:13 AM
Very informative
Mar 04, 2021 at 10:32 AM
It's the comment section for me