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This definition is simply incorrect. Rising prices (CPI) are the symptom, not the disease.

Excessive currency and credit creation are the cause of the disease (inflation). You can have credit creation for productive assets, whereby the asset can pay for itself + interest, which is the type of inflation which productivity will ameliorate.

But when you have credit creation for consumption...then you get the inflation that drives currency devaluation and debasement. This drives PPI inflationary pressures which bleed into CPI pressures. If continued unabated, this can and will lead into a collapse of the fiat currency, which is a hyper-inflation.

The COVID hand-outs were the classic version of currency/credit creation for consumption worldwide.

Inflation is simply a loss of purchasing power of the currency due to debasement of the currency via credit creation.

jog on

duc