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:
“Perhaps our originality manifests itself most strikingly in what we do with that which we did not originate. To discover something wholly new can be a matter of chance, of idle tinkering, or even of the chronic dissatisfaction of the untalented.”
—Eric Hoffer (1902–1983)