Rate of Inflation:

Rate of Inflation is the Increases in the cost of goods and services that a country producers. Experts usually use a basket of goods over a specific period of time to see the inflation rate.

Example. between 1981-82 Ireland's inflation rate hit a historic high nearing the 25% mark.

Creeping Inflation:

Creeping Inflation is when the rise in price level is relatively modest and stable. This is the preferred form of inflation.

Hyperinflation:

Hyperinflation is escalating inflation with the value of money diminishing rapidly and may become worthless in the global exchange.
When an economy Suffers from Hyperinflation the peoples trust in the currency dwindles this can result in people bartering, or using foreign currencies to buy goods and services.
Example. The weimar Republic Germany 1919-1931.

Stagflation:

Stagflation is when a country experiences very high inflation and stagnant or negative economic growth at the same time.

Deflation:

Deflation is when prices stop increasing and actually start to fall, if over a long period of time Price of Goods and services FALL. will causing an increase in the value of the national currency, making the current strong.

This gives the money more purchasing power but is not good for business. Deflation Occurs during times of deep recession or in times of depression.