JAMB UTME - Economics - 1999 | Green Bridge CBT

Inflation which is caused mainly increases in the prices of factors of production is described as?

cost-push inflation Ìdáhùn tó tọ́

demand-pull inflation

crawling inflation

spiral inflation

Awọn alaye Idahun

Inflation caused by an increase in the prices of factors of production such as labor and raw materials is known as cost-push inflation. As the cost of producing goods and services increases, businesses raise their prices to maintain their profit margins, leading to an overall increase in the price level of goods and services in the economy.






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