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inflation
In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualised percentage change in a general price index.Prices will not all increase at the same rates. Attaching a representative value to a set of prices is an instance of the index number problem. The consumer price index is often used for this purpose; the employment cost index is used for wages in America. Differential movement between consumer prices and wages constitutes a change in the standard of living.
The causes of inflation have been much discussed (see below), the consensus being that growth in the money supply is usually responsible.If money was perfectly neutral, inflation would have no effect on the real economy; but perfect neutrality is not generally considered believable. Effects on the real economy are severely disruptive in the cases of very high inflation and hyperinflation. More moderate inflation affects economies in both positive and negative ways. The negative effects include an increase in the opportunity cost of holding money, uncertainty over future inflation which may discourage investment and savings, and if inflation were rapid enough, shortages of goods as consumers begin hoarding out of concern that prices will increase in the future. Positive effects include reducing unemployment due to nominal wage rigidity, allowing the central bank greater freedom in carrying out monetary policy, encouraging loans and investment instead of money hoarding, and avoiding the inefficiencies associated with deflation.
Today, most economists favour a low and steady rate of inflation. Low (as opposed to zero or negative) inflation reduces the severity of economic recessions by enabling the labor market to adjust more quickly in a downturn, and reduces the risk that a liquidity trap prevents monetary policy from stabilising the economy. The task of keeping the rate of inflation low and stable is usually given to monetary authorities. Generally, these monetary authorities are the central banks that control monetary policy through the setting of interest rates, by carrying out open market operations and (more rarely) changing commercial bank reserve requirements.
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One of the ways I use up some of my time is by gardening. I was out there today and noticed the price tag was still on a rhododendron that I planted about a year before the Covid thing hit. The price for a five gallon plant then was $24.49.
The current price of a five gallon plant like that is...
The US seems to be waiting on the fed to solve the high inflation. I would argue that if you as a consumer are worried about inflation, you can help bring it down. Prices rise when demand is high and supply is restricted. As a consumer you can decide how much to participate in demand for a...
Inflation has been ramping up pretty good lately. What are you are doing or not doing to help combat the impacts of inflation in your personal lives?
I have been cutting calories and as part of that effort have cut way back on eating out. When grocery shopping I have been extra careful about...
We've all seen this before. Companies want to squeeze ever more profit out of their existing product lines, so they will maintain the same price point but sell a smaller quantity. That is what economists call "shrinkflation" when consumers are effectively paying inflated prices by getting less...
Hidden inflation is when manufacturers cut corners and think you won't notice. Like the dry cereal boxes now that are super thin but look the same on the shelf as the old sizes. Or the ice cream drums that used to be a half gallon (2 quarts) and are now 1-1/2 quarts but they charge the same...
Well, it looks like rampant, hard charging inflation is upon us.
Just cruising the classifieds here, and I spot a gun that sold on the forum a couple of weeks ago, and much to my surprise and chagrin, the current ask, is double the previous selling price.
I feel like the farmer’s duck. I wake up...
The title of the thread pretty much says it all. Is the current, 30-year high inflation impacting your preparations? How are you mitigating said? Any longer term changes you plan to make?
Thanks for sharing!