Answer to Question #227860 in Economics for mmm

Question

Which one of the following statements best describes inflation? 

increase in the prices of goods and services [2] once-off and considerable increase in the general price level [3] a continuous and considerable increase in the price of electricity and petrol [4] a continuous and considerable increase in the general price level of goods and services 

Answer 1

[1] increase in the prices of goods and services