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》

On an interview with reporters that the economic recovery is expected and the combined effect of inflation expectations, the stock market will extend upward.

接受记者采访的有关人士认为，在经济复苏预期和通胀预期的共同作用下，股市还将延续升势。

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?