Explanation:

In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics. A Giffen good is a special case of an “inferior good” of which people buy less when their income rises. For example, people buy more steak than hamburger, when they feel richer. Giffen good is a special type of inferior good whose demand increases as the price of the good increases (effective consumer income decreases due to price increase). An example could be rice which is a staple food of a region and majority of the food consumption is rice that cannot be substituted