Meaning of “inflation” - Learner’s Dictionary

inflation

noun [ U ] us uk /ɪnˈfleɪʃən/
a pay increase in line with inflationHigh inflation has put the brakes on economic growth.The figures need to be adjusted for inflation.The government needs to find a way to check rising inflation.Economists differ on the cause of inflation.

B2 the rate at which prices increase, or a continuing increase in prices:

low/rising inflation
The inflation rate fell again last month.

(Definition of “inflation” from the Cambridge Learner’s Dictionary © Cambridge University Press)