From the Archive: How Inflation Works
Ones and Tooze
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Understanding Inflation Dynamics
This chapter examines current inflation trends, revealing a 5% average price increase in goods and services and the underlying supply and demand factors behind it. It discusses the potential permanence of these inflationary conditions, insights from historical contexts, and the implications for economic policy and consumer perception. Additionally, the chapter highlights the complexities of inflation, including its positive and negative impacts, particularly in light of disruptive events like the pandemic.
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