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The phrase "rate of inflation" is correct and usable in written English.
You can use it to refer to the amount by which prices increase over time. For example, "Experts are expecting a high rate of inflation in the coming months due to the global economic downturn."
Exact(60)
What will be the rate of inflation?
What is the rate of inflation?
The rate of inflation is twice the Common Market average.
This is well above the rate of inflation.
"It spends at twice the rate of inflation".
That is, of course, the current rate of inflation.
Still, that was less than the rate of inflation.
The Fed targets a 2% rate of inflation.
That is, the rate of inflation fell by almost half.
Zimbabwe had the world's highest rate of inflation in 2003.
Such a move would probably increase the rate of inflation.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com