Inflation is too broad a phenomenon, generally speaking you can measure (hypothetically though) inflation through the shift in CPI (the general increase in prices) against consumer disposable income. Specifically, you would need to determine if you are dealing with imported inflation, money supply inflation, or cost-push (spiral) inflation to determine its measurement.
Inflation play an important role in business environment.we can not neglect the effect of inflation.It is nothing just rises of price level.I have just asked a problem how can inflation measured in business scenario.
Like I pointed out that we use the CPI against the buying power/value our money. Furthermore, inflation cannot be measured at business level but at macro-economic level with businesses bearing its brunt.