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In the long run we will return to the normal equilibrium. Cost-push inflation occurs when the short-run aggregate supply curve shifts leftward, as from AS1 to As2. If the government attempts to counter the decrease in real domestic output by increasing AD1 to AD2, the price level rises. Essentially, the economy moves from point a to b to c.
Updated August 11, 2017. Definition: Cost-push inflation is when the costs of supply rise or the level of supply falls. Either will make the prices rise in the final good or service if demand remains the same. Supply is either labor, raw materials, or capital. Find out more about the four factors of production.