Consider the following statements about Inflation:
- Demand-pull inflation occurs when demand for goods and services exceeds their supply.
- Cost-push inflation is caused by rising production costs.
- Hyperinflation is a very high and typically accelerating inflation.
- Disinflation refers to a reduction in the rate of inflation.
Which of the above statements are correct?
1
1 and 2 only
2
1, 2, and 3 only
3
1, 2, 3, and 4
4
2 and 4 only
5
1 and 4 only