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What is cost push inflation?

Cost push inflation is the result of an increase in the price of the factors of production e.g. labour, raw materials. For example, an increase in the price of oil will increase the price of most raw materials. Firms will have to increase their prices to sustain the same level of profits. This increase in price across the economy is cost push inflation.

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Nick O. GCSE Business Studies tutor, A Level Economics tutor

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