If the figure is less than one, then the product is described as 'income-inelastic' and the demand will grow less than the level of income. That is industries that are at an early stage of their development. Infant mortality rate - The rate at which children being born in a country are dying. Infant mortality is often used as a measure of how well developed the health system of a country is. Inflation - The rise in general prices and the reduction in value of money.
Inflation is a sustained increase in the general price level.
In other words it is the rate at which prices are increasing. It can be measured either monthly, quarterly or annually. It is usually measured by a Consumer Price Index. International Bank for Reconstruction and Development - Also known as the World Bank. It is a multinational institution set up in 1947 following the Bretton Woods conference in 1944.