Four main types of inflation occur in the United States: creeping, walking, galloping and hyperinflation. These types of inflation are representative of how quickly inflation is increasing. Inflation can also be broken down into wage inflation or types of asset inflation for oil, food, gold and other assets.
Inflation occurs when the price of goods and services increases. Creeping inflation indicates a rise of 3 percent or less in a year. Walking inflation is a rise between 3 and 10 percent in a year. Galloping inflation is a rise of 10 percent or higher. The worst type is hyperinflation, which occurs when prices rise more than 50 percent in a month and is very rare.