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Inflation wrought so much havoc in the latter half of the last century that it was described as a spectre.

Inflation can be defined as a sustained rise in prices over a certain period of time.

High and volatile inflation has adverse consequences for the economy. It can reduce investment and job opportunities and increase inequality in society.

By making the use of money for purchases and investments more expensive and, at the same time, making it more advantageous to save. This is achieved by raising interest rates, which are essentially the price for using money.