A rise in the prices of several key goods and services is typically an indicator of:

A rise in the prices of several key goods and services is typically an indicator of inflation. Inflation occurs when there is a general increase in prices and a fall in the purchasing power of money. It reflects the reduced value of currency as the overall demand for goods and services exceeds supply, causing prices to rise. This phenomenon can be influenced by various factors, including increased production costs, higher demand for products, and expansionary monetary policies that pump more money into the economy.

In contrast, deflation refers to a decrease in prices, which is not applicable in the context of rising prices. Recession describes a period of temporary economic decline during which trade and industrial activity are reduced, but it does not specifically point to rising prices. Depression is a more severe and prolonged economic downturn than a recession, often characterized by significant declines in economic activity, high unemployment, and deflation, rather than inflation. Therefore, a rise in prices directly relates to inflation, making it the correct choice.