Basic Details
Word: Inflation
Part of Speech: Noun
Meaning: A general increase in prices and fall in the purchasing value of money.
Synonyms: Price rise, escalation
Antonyms: Deflation, decrease
Idioms and Phrases
- Out of control inflation: When prices are rising at an unusually fast rate. Example: "The country is facing out of control inflation, making it hard for families to afford basic necessities."
- Inflationary pressure: A situation where rising costs push prices higher. Example: "The inflationary pressure in the economy has led to higher prices at the grocery store."
Usage Examples
Example 1: Inflation can affect how much money people have to spend on goods and services each month.
Example 2: During a period of high inflation, the cost of living can become a major concern for families.
Example 3: Economists often watch inflation rates closely to assess the overall health of the economy.
Fun Fact
Did you know that inflation has been recorded for over a thousand years? One of the first known examples of inflation occurred in ancient Rome when the price of goods increased due to overproduction of gold coins.
Famous Quote
"Inflation is taxation without legislation." Milton Friedman
Multiple Choice Questions (MCQs)
1. What does "inflation" mean?
a) A decrease in prices
b) A general increase in prices
c) A tax on goods
d) A type of currency
Answer: b) A general increase in prices
2. Which of these is a synonym of "inflation"?
a) Deflation
b) Escalation
c) Reduction
d) Minimisation
Answer: b) Escalation
3. Which of the following is an antonym of "inflation"?
a) Price rise
b) Increase
c) Deflation
d) Growth
Answer: c) Deflation
4. Which sentence correctly uses the word "inflation"?
a) Infinity is a concept in mathematics.
b) My bicycle had a lot of inflation yesterday.
c) The inflation of prices made it difficult for people to buy food.
d) She inflated the balloon for the party.
Answer: c) The inflation of prices made it difficult for people to buy food.
5. Which idiom refers to the consequences of rising prices?
a) Out of control inflation
b) Walking on air
c) In the same boat
d) A wolf in sheep's clothing
Answer: a) Out of control inflation
