Types of inflation: Inflation is sometimes classified

Inflation is sometimes classified into three types demand-pull inflation, cost-push inflation & built-in inflation. Know all about Types of Inflation in Economics & its Causes & Effects for UPSC exam. Inflation is when a country's economy sees an increase in the prices of products and services due to a decline in purchasing power. David Hume first proposed the concept in the 18th century. Inflation types include demand pull, cost pull, creeping, galloping, and hyperinflation. In this situation, borrowers, businessmen, entrepreneurs, farmers, and employees enjoy the profits. It is mainly caused by increased monetary supply, government policies, rate fluctuations, and similar things ... Inflation and unemployment are the two most talked-about words in the contemporary society. These two are the big problems that plague all the economies. Almost everyone is sure that he knows what inflation exactly is, but it remains a source of great deal of confu­sion because it is difficult to define it unam­biguously. 1. Meaning of Inflation: Inflation is often defined in terms of its supposed causes. Inflation exists when money supply exceeds available goods and services. Or inflation ... Understanding the types of inflation, their meaning, causes and consequences is essential in protecting against the adverse effects of inflation on the economy.