In this paper, the causes of inflation were addressed in terms of the time horizon we refer to. In this respect, in the longterm the increase of prices is determined by the increase in the amount of money in the economy. In the short run, inflation is analyzed to understand the nature of the shocks that has supported price fluctuations. If inflation was driven by an excess of aggregate demand, decision-makers should react in line with their macrostabilisation objectives. On the other hand, if prices have increased as a result of transitory shocks, the involvement of decision-makers must be more cautious in order not to create excessive volatility in the economy. At the same time, the paper mentions some inputs of economists over time regarding the above mentioned phenomenon, as well as, some results for the identification of a link between inflation and economic activity in the Republic of Moldova.