Inflation: Measurement and Control Measures

Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.

Measurement

  • The rate of inflation is measured on the basis of price indices which are of two kinds— Wholesale Price Index (WPI) and Consumer Price Index (CPI).
  • A price index is a measure of the average level of prices, which means that it does not show the exact price rise or fall of a single good.
  • The rate of inflation is the ....
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Indian Economy & Socio-economic Development