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Define Inflation
Inflation is the amount of money that increases with respect to the services or goods that are available. This further leads to the increase in the overall level of prices of goods and services. The increase in the prices of goods decreases the purchasing power of money over the time, which means that the buying power of a rupee decreases due to inflation. The Product Price Index and the Consumer Price Index are the two ways of measuring inflation. According to Keynes, inflation is the increase in the price level once the entire level of employment has been accomplished. On the basis of the extent of the rise in the price level, there are three categories of inflation, such as running inflation, creeping inflation, and hyperinflation or galloping.
In a general sense, inflation is a rise in the level of prices over the years. It is one of the serious problems that face the international economy. Inflation erodes the actual value of money and decreases the buying value of money. The general rise in the level of prices over time is the rate of inflation. The impact of inflation can be either positive or negative on the basis of the circumstances.
Inflation occurs due to overall demand for products surpassing the overall stock of products. Costs generally tend to rise due to overall demand being higher than overall supply. In other words, factors including a rise in money supply, increase in export earnings, and deficit in the government budget lead to the creation of new demand. And in case there is no match between the increased demand and supply, the demand-pull inflation takes place. This kind of inflation makes the level of unemployment at the lowest in economics.
Inflation takes place because of rising cost of production or factors, which leads to a drop in the supply of products by manufacturers in the market or results in the manufacturers escalating the costs of their products for covering the larger prices of production. With respect to cost-push inflation, the level of unemployment becomes high in case high expenses decrease production and therefore employment of production factors like labor.
The wholesale price index calculates the dissimilarities in the level of the costs of produces flowing by means of the wholesale business intermediaries. This index allows policy makers to formulate policies and analyze economics. The OEA is responsible for the compilation of the wholesale price index. The index is cited at rapid intervals, thereby making consistent monitoring of the level of the prices possible. The non-commodity producing area that includes non-tradable products and services do not fall under WPI.
The consumer price index refers to the expenses of living of a specific population group. The index is calculated based on the modifications in retail costs of a few specific goods and services that a specific income consumers group expends the money on. A number of consumer price indices are there and each of them calculates the retail costs of the goods that diverse segments consume because the patterns of the consumption vary for different groups. Each commodity has an unalike weightage. The expense data is gathered from retail outlets and the consumption basket data is gathered from family budget surveys.
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