Explanation:

- Option 1: Wage inflation refers to the rate at which wages increase over time. It focuses on compensation rather than overall price levels.

- Option 2: Core inflation focuses on the price change of goods and services excluding the volatile food and energy sectors. It gives a clearer view of long-term inflation trends.

- Option 3: Stagflation occurs when there is high inflation combined with stagnant economic growth and high unemployment.

- Option 4: Deflation is the decline in the general price level of goods and services, meaning the inflation rate falls below 0%.