a one-time rise in the price level is
Inflation and the Price Level Inflation is a process in which the price level is rising and money is losing value.Inflation is a rise in the price level, not in the price of a particular commodity.And inflation is an ongoing process, not a one-time jump in the price level. Demand-Pull Inflation Real GDP increases, the price level rises, and an inflationary gap arises.The rising price level is the first step in the demand-pull inflation.