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The 'price level' is the weighted average of the prices of all goods and services in an economic system. It is often measured with a consumer price index, which is one particular type of price index.
An increase in the price level is known to most branches of economics as inflation. Similarly, a decrease in price level is deflation.
However, many economists believe that this form of weighting the average of the prices of goods is flawed, and Keynes argued that the real GDP of nominal sales should be used instead.