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Inflation is a widespread pattern of price increases. The rate of inflation is equal to the rate of change in a price index such as the consumer price index (CPI). Historically, inflation has been considered serious when it has approached or exceeded 10% per year.
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Going to the store and finding higher prices is inflation. Some countries are accustomed to very high rates of inflation: in excess to 100%, which means that price would double within one year. |
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