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DEFINITION of 'Demand-Pull Inflation'. A term used in Keynesian economics to describe the scenario that occurs when price levels rise because of an imbalance in the aggregate supply and demand. When the aggregate demand in an economy strongly outweighs the aggregate supply, prices increase. Economists will often say that demand-pull inflation is a result of too many dollars chasing too few goods.
But there are different types of inflation, depending on its cause. Here we examine cost-push inflation and demand-pull inflation. Factors of Inflation. Inflation is defined as the rate (%) at which the general price level of goods and services is rising, causing purchasing power to fall.