Press Enter

Share with your friends and help them crack UPSC!

Or Share on

Answer

Correct Option is Both 1 and 2

A rise in the general level of prices; a sustained rise in the general level of prices; persistent increases in the general level of prices ; an increase in the general level of prices in an economy that is sustained over time; rising prices across the board —is inflation. These are some of the most common academic definitions of inflation. If the price of one good has gone up, it is not inflation; it is inflation only if the prices of most goods have gone up.

Get access to all of our verified questions