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Abstract: Under a system of fixed exchange rates the phenomenon of inflation is a world phenomenon. This statement is derived from price-theoretical considerations with respect to the price formation of tradeable goods in the world goods market and it is independent of any explanation of inflation, whether it is Keynesian or monetarist, of a sociological or of any other type. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.