Crossword Genius

In poverty, recession, one affected by inflation (4)

Ross

I believe the answer is:

tyre

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'affected by inflation' is the definition.
Although both the answer and definition are singular nouns, I can't understand how one could define the other.

'in poverty recession one' is the wordplay.
'in' indicates a hidden word.
'TYRE' can be found hidden inside 'poverty recession one'.

Can you help me to learn more?

(Other definitions for tyre that I've seen before include "Ring made of rubber" , "Travelling band" , "Rubber tube on a wheel" , "Rubber wheel; port" , "Lebanese port - wheel surround" .)

I've seen this clue in The Times.
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