Impact of Inflation on the Economy
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Date
2022-11-01
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IJCRT
Abstract
In economic times, 2022 In economics when the general prices of goods and services increase it is called inflation. The task of ultimately resolving these issues lies in the hand of such major central banks only. Deflation is exactly opposite of inflation which occurs when the supply of good and services is more than the supply of money in the country, this lead to decrease in the prices. countries like Rwanda, Chab, Maldives, Gabun, Japan, Bahrain are among the countries with very little inflation. According to the study, the effect of inflation on economic growth changes over time and among countries. the time duration taken for the research was for the last five years as inflation is highly volatile and it changes rapidly so if more periods would be considered the accuracy of the research would have decreased. The target location for research was mainly India as different countries have different rates of inflation and causes might also differ but all the external factors were taken into consideration for research. According to today`s report from the U.S. bureau of labour statistics, the consumer price index for all urban consumers (CPI-U) increased by 0.4 percent in September after increasing by 0.1 percent in august. the food index increased 0.8 percent throughout the course of the month as food consumption at home increased by 0.7%
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Keywords
Inflation, Prices, Percent, Supply, Deflation