Inflation is the result of the paper money supply expanding beyond the physical supply of goods. Traditionally in the US, the Bureau of Labor Statistics (BLS) keeps track of broad economic indicators, such as: -Consumer prices -Total wages -Gross domestic product If inflation continues to increase, consumers may notice these shifts in their daily lives. Inflation causes costs, such as housing, education, and even fruits and vegetables, to go up in price. Many businesses will also find it harder to remain competitive in this current climate. -Consumer prices: People will notice a shift in consumer prices observed as a result of inflation. Initially, prices will rise at an estimated 3% a year. After 10 years, this estimate increases to 12%. -Total wages: Wage growth will probably decrease coming in at just half as much as before inflation. -Gross domestic product: If inflation continues, the GDP of the US may actually increase, meaning that the GDP of the US will go up if inflation goes up. -Housing: More money being spent in the housing industry with more jobs in construction is another outcome of this. -Education: As already explained, education costs will increase because of inflation too. -Fruits and vegetables: Some produce may also increase in cost as the demand for them rises. -Competition: It is possible that businesses will be shut down and consolidate due to the increase in costs. -Inflation: If inflation keeps going up, there may be a similar effect. -Prices: More money being put into the same types of goods as before with less goods being available to buy will lead to rising prices. Given these effects, it might seem as though inflation would always be increasing. This is not true, however. -Consumer prices: Monthly inflation rates are the percentages of a price change in a specific month. This is measured as a number that is positive following a negative.