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Features of Inflation:
i) Creeping inflation: When the rise in prices is very slow like that of a
snail or creeper, it called creeping inflation. In terms of speed, a
sustained rise in prices of annual increase of less than 3 percent per
annum is characterized as creeping inflation. Such an increase in
prices is regarded safe and essential for economic growth.
iii) Peace time inflation : By this is meant the rise in prices during the
normal period of peace. Peace-time inflation is often a result of
increased government outlays on capital projects having a long
gestation period; so a gap between money income and real wage
develops.