With reference to Inflation, consider the following statements:

1. It increased the purchasing power of a given currency over time.

2. It is the rate at which the value of a currency is falling and, consequently, the general level of prices for goods and services is rising.

3. An increase in the supply of money is the root of inflation, though this can play out through different mechanisms in the economy. 

Which of the following statements given above is/are correct?