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Inflation

The price of ...

Question

The price of onions was ₹50 per kg last month, but now it is ₹80. What is this condition in the economy called?

A

Deflation

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B

Inflation

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C

Development

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D

Recession

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Solution

The correct option is B Inflation
General price rise in the economy leads to inflation. It does not affect everyone equally. The price index indicates the changes in prices of the total set of items over time.

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