Inflation refers to a persistent increase in the general price level of goods and services in an economy over a period of time.

通货膨胀指的是某一经济体的商品和服务的总体价格在一段时期内持续上涨的状态。

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When the general price level rises, each unit of currency buys fewer goods and services, which means the purchasing power of each unit of money is reduced.

当总体价格水平上涨时，单位货币所能够买到的商品和服务就会减少，也就是说，单位货币的购买力下降了。

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Secondly, to control price on macro-economy, i. e. to control General Price Level which is averaged from indexes of commodities and services.

其次，从宏观上要调控价格，即对价格总水平的调控。 价格总水平是以各类商品和服务价格指数的加权平均表现出来的。

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Yet since inflation is by definition a rise in the general price level, not one set of prices, it's never as orderly as proponents of inflationary policies like to claim.

WSJ: Review & Outlook: Japan Discovers QE Has Risks

High inflation makes it hard for firms and individuals to distinguish changes in the relative prices of particular items from general changes in the average price level, so price signals become blurred.

ECONOMIST: Should central banks try to target asset-price inflation?

When countries devalue during full utilisation of resources, the results are a general increase in the price level.

ECONOMIST: Letters