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What is inflation? What is the difference between demand-pull and cost-push inflation? Have you seen any...

What is inflation? What is the difference between demand-pull and cost-push inflation? Have you seen any evidence of increased inflation where you live?

How is inflation calculated?

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Inflation is rise in the overall price level of goods and services in the economy.Demand pull inflation is rise in price caused by excess demand,whereas cost push inflation is rise in price due to deficit supply.I have seen evidence of inflation in my area-the rise in price of oil reflects inflation.

Inflation can be calculated by Consumer price index(CPI),Wholesale price index(WPI)or GDP deflator.

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