• PriorityMotif@lemmy.world
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    18 days ago

    That’s literally the definition of inflation. “Inflation is a loss of purchasing power that reflects a rise in prices for goods and services over time.”

    • n2burns@lemmy.ca
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      17 days ago

      That definition is literally describing a change, as rate of change.

      Inflation is a loss of purchasing power

      Over the past year, we haven’t experienced a loss of purchasing power. We have a lack of purchasing power, but we lost it over the 2-3 years prior to the last year.

      a rise in prices for goods and services over time

      This is pretty much the mathematical definition of a rate of change. Like how speed is the rate of change in position over time. After a day of traveling, your position (prices for goods) may be way different than your starting point, but if you’re not currently moving, your speed (inflation) is NIL.