According to the suggestions given by economists, a long run inflation is driven by the economic growth in a society.
An inflation is a situation that drives a decrease in the purchasing power of consumers in an economy. The prices of similar products increase in the market, indicating a shortfall of demand in the market.
In an economy, a period of prolonged inflation is because of the extraordinary economic growth achieved in the immediately preceding period. The rate of money growth is also a reason for inflation.
Hence, the significance of a long run inflation in an economy is aforementioned.
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