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Inflation is a general rise in the overall price level, usually tracked by comparing the cost of a fixed basket of goods across time using a price index such as the CPI.
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A central bank sets a target for a short-term rate, then uses administered rates and securities purchases or sales to steer market rates toward it. The US Fed is the best-documented example here.
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The gold standard fixed currencies to a set amount of gold. Countries left it in stages: war finance ended the classical version, and the Depression and the Bretton Woods strain ended the rest.
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Hyperinflation came from the Reichsbank financing large government deficits by creating money, driven by war debt, reparations, and the 1923 Ruhr crisis. Historians differ on how much weight reparations deserve.
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