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:
“Ants are the only creatures on earth, other than man, who make war. They campaign, they are chronic aggressors, and they make slave laborers of the captives they don’t kill.”
—Ted Sherdeman, and Gordon Douglas. Dr. Medford (Edmund Gwenn)