Inflation
ICSE · Class 10 · Economics
Quick revision notes for Inflation — ICSE Class 10 Economics. Key concepts, formulas, and definitions for last-minute revision.
Key Topics to Revise
1. Understanding Inflation
- Inflation is a persistent rise in general price level, not just high prices
- It represents continuous price rise over a long period, not temporary fluctuations
- Inflation means decrease in purchasing power of money
2. Measurement of Inflation
- Wholesale Price Index (WPI) measures average change in wholesale commodity prices
- WPI is constructed weekly in India and indicates general inflation
- Consumer Price Index (CPI) measures price changes for consumer goods basket
3. Types of Inflation
- Creeping Inflation: 1-3% annual rise, safe and essential for growth
- Walking/Trotting Inflation: 3-10% annual rise, warning signal for government
- Running Inflation: 10-20% annual rise, harmful, affects poor and middle class
4. Causes of Inflation
- Demand Pull Inflation: Excess demand over supply at current prices
- Also called 'excess demand inflation' - demand exceeds economy's supply capacity
- Cost Push Inflation: Rising production costs push prices up
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