There are two primary schools of economic thought. One which totally dominates all of our schools of higher education (I.E, Keynesianism), and one which is totally ostracized by our very same institutions of higher learning (I.E, Austrian Economics).
Definition #1: Per Keynesianism inflation is rather loosely to perhaps even mysteriously defined as "rising prices".
Definition #2: Per the Austrian school of economics inflation is precisely defined as the devaluation of (or debasement of) the currency.
By the Austrian School's measure, rising prices are merely a "symptom" of the disease we call inflation (I.E., rising prices are merely a symptom of the erosion of the purchasing power of the Dollar, and the erosion of the value of the dollar is most typically the end result of printing far too many of them, though it can also be the result of removing the base metallic value from a nations coins (this being debasement), as was done in the USA in 1964 when all of the silver was removed from them).
Which definition of inflation were you taught in school (or on the street, etc...)?
Which definition do you prefer, and why?