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Definition of inflation
1the action of inflating something or the condition of being inflated:the inflation of a balloon the gross inflation of salaries Astronomy (in some theories of cosmology) a very brief exponential expansion of the universe postulated to have interrupted the standard linear expansion shortly after the Big Bang.
2 Economics a general increase in prices and fall in the purchasing value of money:policies aimed at controlling inflation [as modifier]:high inflation rates
noun & adjective