2011 Economy - Inflation

It is the impact of drastic deficiency in supply due to failure of crops
It is the impact of the surge in demand due to rapid economic growth
It is the impact of the price levels of previous year on the calculation of inflation rate
None of the statements (a), (b) and (c) given above is correct in this context

Want to see the 360° AI Analysis?

Sign up for a free 7-day trial to see option elimination logic, concept maps, and AI-graded model answers for this question.