Growth and inflation are separate concepts. Inflation measures how nominal prices change year to year (price of a pint of milk) while growth measures the increa

Growth and inflation are separate concepts. Inflation measures how nominal prices change year to year (price of a pint of milk) while growth measures the increase in aggregate output (total volume of milk produced.) Our econonomic system is predicated on continual growth but inflation has been incredibly low since the late 1990s in most western economies, 0-2% compared to 10% or more in the 1970s and 80s.