Inflation is an economic term which describes a specific term which the demand for goods and services exceeds the available supply. As a result, prices go up.
In simple terms, inflation is a sharp upward movement in the price level. This situation is painful for the people will low income. There are many causes of inflation. Hoarding, black marketing lack of industry, lack of production are some major causes of inflation. Efficient government system can control inflation through the implementation of strict laws.