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Inflation refers to the sustained increase in the general price level of goods and services in an economy over a period of time. When the overall price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power of money. Inflation can have a number of effects on the economy, including:
It is important to note that moderate inflation can have some positive effects on the economy, such as stimulating economic growth and employment, but it can become a problem when it becomes too high or too low.
The effects of inflation are often not directly felt but are played out over a long time, especially long-term investments are vulnerable to inflation.
At Horizon65, we created a mobile app that enabled you to check the effect of inflation on your savings.