Updated: Jun 18, 2021
Author: Lambert Zheng
Editors: Simran Gohel and Anand Soma
Artist: Christie Peng
To what extent will inflation affect consumers’ lives and how will it change relate to government intervention?
Inflation is defined as a sustained increase in the general price level of goods and services in an economy over a period of time. It will affect the real value of currency within the marketplace and thus will influence inflation on the consumer side of the economy. Therefore, inflation will affect the choices of consumers to a large extent.