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How inflation is measured?
The most well-known indicator of inflation is the Consumer Price Index (CPI), which measures the percentage change in the price of a basket of goods and services consumed by households.
How does a price of commodity change over the year?
The change in prices over the year happens while there is a demand .The highest change in prices happened in 2008 6 to 30 April. Recently the oil, groceries and fuel prices have risen.
Average Inflation Rate in India
The country's retail inflation, which is measured by the consumer price index (CPI), accelerated to 6.50% in Jan. 2023. Inflation data on the wholesale Price Index (WPI), which calculates the overall prices of goods before selling at retail prices, eased to 4.73% during the period.
How to overcome inflation?
Inflation can be controlled by a contractionary monetary policy. It is one common method of managing inflation. A contractionary policy aims to reduce the supply of money within an economy by lowering the prices of bonds and rising interest rates. Thus, consumption falls, prices fall and inflation slows down.
A country with no Inflation - Japan
Inflation is soaring in countries around the world – but not in Japan. Government price controls, an ageing population and negative interest rates are among the factors keeping down inflation in Japan. Another reason is that Japan reopened its economy more slowly than many countries following the pandemic.
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