Which of the following best defines inflation?

Assessment: WAEC SSCE - Economics - 2014 (Objective) Subject: Economics

Question 1 Report

Which of the following best defines inflation?

Answer Details
Inflation can be defined as a persistent increase in the general level of prices of goods and services in an economy over a period of time, usually measured as an annual percentage change. This means that over time, the purchasing power of a currency decreases as the prices of goods and services increase. Therefore, the correct option is "Persistent increase in prices."
Read lesson note on Money And Inflation (WAEC)
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