Which of the following statements is/are correct?

1. Stagflation is a situation of high inflation and low unemployment.

2. Skewflation is price rise of a small group of commodities over a sustained period of time.

3. Hyperinflation is a large and accelerating inflation that takes place over a very short period of time.

Select the correct answer using the code given below:

· Stagflation is a situation in an economy when inflation and unemployment both are at higher levels, contrary to the conventional belief. When the economy is passing through the cycle of stagnation (i.e., long period of low aggregate demand in relation to its productive capacity) and the government shuffles with the economic policy, a sudden and temporary price rise is seen in some of the goods — such inflation is also known as stagflation. Stagflation is basically a combination of high inflation and low growth. The side effect of stagflation is increase in unemployment.

· Skewflation is one in which there is a price rise of one or a small group of commodities over a sustained period of time, without a traditional designation.

· Hyperinflation is a form of inflation that is ‘large and accelerating’, which might have the annual rates in million or even trillion. In such inflation, not only the range of increase is very large, but the increase takes place in a very short span of time, prices shoot up overnight.