Step 1: Understanding the Question:
Hydrogen peroxide ($\text{H}_2\text{O}_2$) is unstable and decomposes naturally into water and oxygen. Certain substances are added to slow down this process.
Step 3: Detailed Explanation:
- A catalyst increases the rate of reaction.
- An inhibitor (or negative catalyst) decreases the rate of a chemical reaction.
- Glycerol, acetanilide, or phosphoric acid are often added to hydrogen peroxide to prevent or slow down its decomposition during storage.
- Thus, in this specific context, glycerol acts as an inhibitor to stabilize $\text{H}_2\text{O}_2$.
Step 4: Final Answer:
Glycerol acts as an inhibitor.