Inflation refers to increase in the general price level of goods and services. Prices pf general goods amd services are increased during inflation.
Deflation refers to the decrease in the general price level of goods and services. Price of general goods and services are decreased during deflation.
This measure was developed observing the consistent increase and decrease in the price level.
Long term consequences -
Decrease in GDP
it can destroy the economy
no general price will avail in the market , etc.
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