Introduction "Inflationary pressures have been present in our economic system for many years, and in fact in the economic systems of most of the world" (Mueller, 1998, p.246). "Most people think that inflation erodes the average purchasing power of income in the economy" (Hall and Lieberman, 2001, p.496). The consumer's response towards the pressures of inflation is inclined to vary depending on the fluctuation of the business cycle. The major source of demand for goods and services …
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…the world again looks like it is decelerating rapidly, the pressure on central banks to respond quickly will resume. References Miller, R., Business Week, 3/25/2002 The Independent, 2/11/2003, World Sources Inc., A joint venture of FDCH e-media, Inc. Lansley, D., Ecodate, August 2001. Hall, and Lieberman. (2001). Introduction to Economics. Ohio: South-Western College Publishing. Miller, R.L. (2001). Economics today: The micro view. New York: Addison Wesley. Mueller, E. (1998). Consumer reactions to inflation. Business Week. 15, 246-262. Retrieved From Ebscohost February 11, 2003.