A) Inflation led by rises in the Black economy
B) Deflation led by declines in Agricultural commodity prices
C) Inflation led by rises in Agricultural commodity prices
D) None of the above
Correct Answer: C
Solution :
[c] Agflation, a term coined in the late first decade of the 21st century, describes generalized inflation led by rises in agricultural commodity prices. In the United States, agricultural prices are not generally factored into core inflation figures. The term describes a situation in which "external" (i.e. Agricultural) price rises drive up core inflation rates.
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