Final answer:
Inflation is the rise in prices of goods and services over time, eroding the purchasing power of money.
Explanation:
Inflation is a persistent increase in the general price level of goods and services in an economy over time. It is measured as an annual percentage increase, reflecting a reduction in the purchasing power of money. For instance, if the inflation rate is 3%, it means prices are, on average, 3% higher than they were a year ago.
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