Related concepts include: deflation, a general falling level of prices; disinflation, the reduction of the rate of inflation; hyper-inflation, an out-of-control inflationary spiral; stagflation, a combination of inflation and rising unemployment; and reflation, which is an attempt to raise prices to counteract deflationary pressures.

In classical political economy, inflation meant increasing the money supply, while deflation meant decreasing it. The purpose of this increase in money supply is to accommodate any increase in real GDP. Some economists in a few schools of economic thought still retain this usage. In mainstream economic terms these would be referred to as expansionary and contractionary monetary policies.