They had seriously miscalculated the effect of inflation.

关于通货膨胀的影响，他们的判断严重失误。

《牛津词典》

The effect of inflation is analogous to levying a tax on bonds and using the revenue to pay off debt.

通货膨涨的效应犹如对债券征税，也如同用岁入来偿还债务。

youdao

It shows that the effect of inflation on economic growth turns from positive to negative as time goes by.

研究结果表明通货膨胀对经济增长的影响随时间由正变负，而经济增长对通货膨胀具有持续推动作用；

youdao

Investors feel more comfortable with the stability of ultra-short term investments while ignoring the long-term effect of inflation.

FORBES: Deep Cleaning Your Portfolio

They cannot know what the investment return of a pension will be, or the final income, or the effect of inflation.

ECONOMIST: A new scheme has potential drawbacks

The most familiar effect of inflation is a general rise in prices, as opposed to a rise of particular commodities prices because of factors in those markets.

FORBES: Is President Obama's Depression Coming Our Way?