Consider the following statements:
Statement-I: Galloping inflation occurs when inflation rises slowly over time.
Statement-II: Galloping inflation typically ranges between 10% to 20% and causes economic instability.
Which one of the following is correct in respect of the above statements?
1
Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
2
Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
3
Statement-I is correct, but Statement-II is incorrect
4
Statement-I is incorrect, but Statement-II is correct