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LOGO Inflation
Alok singh
Ambesh kumar srivastava
Inflation exists when there is a sustained increase
in the price level . Inflation measures, rise in the general
price level and therefore a fall in the value of money.
1970: The official price of Saudi crude oil is fixed at 1.80 dollars
per barrel
1974: Prices pass 10 dollars per barrel after the first oil shock,
sparked by the October 1973 Arab-Israeli war
1980: Prices top 30 dollars for the first time and progress to 39
dollars in early 1981 at the height of the war between Iran and Iraq
Sept-Oct 1990: Prices sneak above 40 dollars per barrel amid
tension over Iraq's invasion of Kuwait
Aug 2005: Prices rise above 70 dollars when Hurricane Katrina hits
the Gulf of Mexico, damaging major offshore oil installations
Dec 28, 2007: Oil prices hit 97.79 dollars per barrel after the murder
of Pakistan's opposition leader Benazir Bhutto and following a sixth
successive weekly drop in US crude reserves
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