They had seriously miscalculated the effect of inflation.是什么意思？

They had seriously miscalculated the effect of inflation.

关于通货膨胀的影响，他们的判断严重失误。

they

pron. 他/她/它们，人们，大家，政府，当局，她们；

例句
The storms had abated by the time they rounded Cape Horn.
他们绕过合恩角时，暴风雨已经减弱。

had

v. 有（ have的过去式和过去分词 ），（亲属关系中）接受，拿，买到；

例句
He claimed that his parents had abandoned him...
他声称父母遗弃了他。

seriously

adv. 认真地，严肃地，严重地；

例句
Any aspirant to the presidency here must be seriously rich...
要想当这儿的主席一定要家财万贯。

miscalculated

v. （对数字、时间等）计算错误，算错( miscalculate的过去式和过去分词 )，（对…）判断错误；

例句
It's clear that he has badly miscalculated the mood of the people...
显然，他完全没有想到人们的情绪会是如此。

the

art. 指已提到的人（物），指说话人与听者已知的人（物），用于独一无二的事物前，与形容词最高级和序数词连用；

例句
He did have a real knowledge of the country...
他对该国的确知之甚多。

effect

n. 影响，效果，印象，所有物；vt. 使发生，引起，产生（效果）；

例句
The police said Mr Hadfield's decision would have no adverse effect on the progress of the investigation...
警方称哈德菲尔德先生的决定将不会对调查的进展造成不利影响。

of

prep. 关于，属于…的，由…制成；aux. 助动词 [非标准用语、方言] =have [主用于虚拟语气]；

例句
He did have a real knowledge of the country...
他对该国的确知之甚多。

inflation

n. 膨胀，通货膨胀，夸张，自命不凡；

例句
The rate of inflation is running at about 2.7 percent.
通货膨胀率大约为2.7%。