Measuring the Cost of a Living Inflation refers to a situation in which the economy's overall price level is rising(通货膨胀指经济的总体 物价水平上涨) The inflation rate is the percentage change in the price level from the previous perioMeasuring the Cost of Living • Inflation refers to a situation in which the economy’s overall price level is rising.(通货膨胀指经济的总体 物价水平上涨) • The inflation rate is the percentage change in the price level from the previous period