Which of the following is NOT a cause of inflation?

Liquidity preference is not typically classified as a direct cause of inflation. Instead, it refers to the demand for money in an economy, symbolizing how much of their wealth individuals and businesses want to hold in liquid form versus investing or spending it. While liquidity preference can influence monetary policy and interest rates, it doesn't directly cause inflation.

In contrast, demand-pull inflation occurs when total demand for goods and services exceeds supply, creating upward pressure on prices. Cost-push inflation arises when the costs of production increase (e.g., due to rising raw material prices), leading businesses to pass these costs onto consumers in the form of higher prices. Imported inflation occurs when the prices of imported goods rise, affecting overall price levels in the economy. Each of these factors contributes directly to rising prices, whereas liquidity preference primarily affects the money supply and interest rates rather than directly causing inflation.