Inflation is which type of phenomenon?

Regional

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Practical

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Theoretical

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Global

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Solution

The correct option is D
Global

Inflation is a global phenomenon. For example, a sharp increase in the global price of crude oil from 1973, and again the 130 percent hike in its price by the Organisation of Petroleum Exporting Countries in 1980, resulted in a higher cost for importing crude oil from abroad.

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