Chronic inflation occurs when a country experiences high inflation for a prolonged period of time (several years or decades) due to undue expansion or increase of the money supply. In countries with chronic inflation, inflation expectations become 'built-in', and it becomes extremely difficult to reduce the inflation rate.
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Famous quotes containing the word chronic:
“Or would interior time, that could delay
The sentence chronic with the last assize,
Start running backwards with its timely lies,
I might have time to live the love I say....”
—Allen Tate (1899–1979)