Definition of: inflation

(in·flā′shən) noun
1. The act of inflating, or the state of being inflated; distention: the inflation of a bubble or a balloon.
2. Bombast; conceit.
3. Expansion or extension beyond natural or proper limits or so as to exceed normal or just value; specifically, over-issue of currency, or the state resulting therefrom; also, increase in price levels arising from mounting effective demand without corresponding increase in commodity supply.
4. That which is inflated or puffed up.
—in·fla′·tion·ar′y adjective