What is inflation and deflation | Types, measurement & Causes of Inflation | inflation explained
From this video you will learn What is inflation and how it works, Types of inflation, How is inflation measured, Causes of Inflation, Inflation basics for beginners in english.
Inflation:
Inflation is an economic term that refers to the rate at which the prices of the goods and services of daily or common use such as food, clothing, housing rise. As general prices rise, the purchasing power of consumer decreases. This also means that the purchasing power of the currency is falling.
Types of Inflation:
Depending on the causes, Inflation is classified into three types:
1. Demand – pull inflation
2. Cost – push inflation
3. Built – in inflation.
How is inflation measured?
In India, it is measured by two main indices – WPI (Wholesale Price Index) and CPI (Consumer Price Index) which measure wholesale and retail level price changes respectively.
What are the main causes of inflation?
The main causes of inflation in India have been subject to considerable debate and discussion.
These are some of the important reasons for the increase in prices.
High demand and low production or supply of multiple commodities create a demand – supply gap which leads to hike in prices.
Excess circulation of money leads to inflation as money loses its purchasing power.
With people having more money, they tend to spend more, which causes increased demand leading to inflation.
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