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Inflation   is a general increase in the prices of goods and services in an economy.   When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power   of money.  The opposite of inflation is deflation , a sustained decrease in the general price level of goods and services. The common measure of inflation is the  inflation rate. What is inflation? Definition of inflation. What inflation means? Inflation   is the term we usually use to explain rising prices of products or services, that how quickly prices go higher at particular time period is know as inflation. The general increase in prices. Definition: Inflation is the percentage change in the value of the Wholesale Price Index (WPI) on a year-on year basis. It effectively measures the change in the prices of a basket of goods and services in a year. In Pakistan, inflation is calculated by taking the WPI as base. Description Inflation