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What is inflation and its causes?
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What is inflation?
Inflation measures how much more expensive an item or service is over a year, it is the rate of which prices increase. The inflation rate is represented in a percentage. Inflation occurs when purchase power decreases in the economy. An example of inflation is when a unit of currency buys less than what it did in the past. Deflation is when the price for goods and services decrease as the purchasing power increases.

Three types of inflation classes
Demand pull-inflation - This is when an increase of money supply and credit, over stimulates the demand. Where there is more money there is higher incentive, higher prices.

Cost-push inflation - This occurs when supplies decrease while the demand remains high.
Built-in inflation - This occurs when there is a rise in wages.

Causes and Effects
The cost of living is disrupted when inflation rises. When a country or nation's money supply outgrows its economic growth inflation is likely to occur. Printing more money is a factor that causes inflation. Legally reducing the value of a legal tender currency will cause inflation. Loaning new money into an existing reserve account is also a factor with inflation.

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