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Inflation — Edexcel GCSE Business Definition | GradeGen

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Business
Key terms
Inflation

GCSE Business · key term

Inflation

Definition

A general increase in the prices of goods and services over time.

Used by Edexcel

How each exam board covers it

Edexcel GCSE Business · 1BS0

Specification 1.5.4 · Paper 1

Inflation is a general increase in prices over time. The inflation rate expresses how quickly prices are rising, usually as an annual percentage. It is not simply one business increasing the price of one product.
Revise: The Economy and Business

Edexcel Business past papers

Exam tips

1
A fall in inflation usually means prices are rising more slowly, not that prices are falling.

Related key terms

Appreciation
Corporation tax
Depreciation
Direct tax
Disposable income

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Economic climate