The recent surge in inflation and its Economic outcomes

Inflation, a pervasive economic phenomenon, denotes the persistent upward movement of prices ‎for goods and services over time, profoundly influencing various macroeconomic factors. In this ‎paper, diverse definitions proposed by renowned economists are provided, including the classical ‎quantity theory of money, Keynesian theory, cost-push theory, and demand-pull theory. ‎Additionally, it explores the Phillips Curve, Modern Monetary Theory (MMT), and the ‎Expectations Theory to shed light on various aspects of inflation dynamics. ‎ Numerous recent studies were discussed within this paper to examine the impact of income inequality ‎on inflation, demonstrating how disparities in income distribution can impact economic policies ‎and, subsequently, inflation rates. The complex relationship between economic growth and ‎inflation is also discovered, recognizing that the link varies across countries and time periods. ‎Furthermore, the complex interplay between the labor market and inflation is highlighted, ‎underscoring how variables like unemployment rates can shape the dynamics of inflation. ‎ Lastly, the role of monetary policy in managing inflation and its far-reaching effects on ‎economies was examined through various studies.‎