The term refers to the tendency of prices to increase gradually over time is “inflation”. Therefore, option B is the correct option.
Inflation is an economic phenomenon that means the increase in prices of the goods and services that are being produced in an economy. The inflationary prices of the goods and services are compared with the last year's prices or the base years' prices in order to calculate or analyze the amount or percentage increase in the prices of those goods and services in a given period of time.
Whenever inflation takes place, the value of that particular currency decreases in terms of the goods and services which could have been purchased with a lesser amount of money, now need more money to be purchased.
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