here are some further facts about inflation inflation is always and everywhere the destruction of value in money this destruction is transferred to constant real value non monetary items never or not fully updated by the application of the stable measuring unit assumption under the historical cost accounting model since money is the universal unit of account monetary inflation is an economic process resulting in the destruction of the real value of monetary items over time leading to an increase in the general level of prices historical cost accounting inflation is the historical cost accounting practice of never or not fully updating constant real value non monetary items resulting in their destruction at the rate of inflation when they are never updated or at a lower rate when they are only partly updated over time reference to a peer reviewed article in a reliable third party publication