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I don't understand the difference between the following two statements stated as :

(1) The price rises by say $X\%$ during the time $t=0$ to $t=10$.

(2) There is an inflation of $X\%$ during $t=0$ to $t=10$.

Aren't these the same ? Can anyone explain ?

User9523
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    They are the same, unless you have some context that explains a difference (the price might be the price for one object while inflation could be the average increase in the cost of living). – Ethan Bolker Mar 26 '16 at 18:41

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It is important to indicate the context of this question. Mathematics class or economics class.

While mathematically are the same, there is an important difference between both of them:

Prices do not stay constant, they are always rising and declining due to the law of supply and demand.

An increase in the money supply - inflation, properly defined - has a tendency to raise them in general (that is, inflation is an ongoing rise in the general level of prices).

See the following site for more info:

https://wiki.mises.org/wiki/Inflation

cgiovanardi
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