Inflation is the rate at which the cost of goods and services rises over time. It is a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over some period of time.

More so, It is the rise in the general level of prices where a unit of currency effectively buys less than it did in prior periods. Often expressed as a percentage, inflation thus indicates a decrease in the purchase power of a nation’s currency.

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