cost-pull inflation

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Noun1.cost-pull inflation - inflation caused by an increase in the costs of production
inflation, rising prices - a general and progressive increase in prices; "in inflation everything gets more valuable except money"
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An increase in petroleum products would entail another fresh round of cost-pull inflation on a society which is already facing the harsh brunt of heightened prices.
It narrows the gap, no doubt, between the highest and the lowest earners, but the cost-pull inflation will still be there, as traders and house owners will raise the market price of goods and services.