Definition, Meaning & Synonyms
inflation
noun
/ɪnˈfleɪʃən/
Definition
The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
Examples
- The inflation rate increased to 3% this year.
- Many families are struggling due to rising inflation.
- Inflation can erode the value of savings.
Meaning
Inflation indicates a decrease in the purchasing power of a currency, which can lead to a higher cost of living.
Synonyms
- price rise
- cost increase
- hyperinflation
- currency depreciation
