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A high inflation rate refers to a situation where the general price level of goods and services in an economy is rising at a relatively rapid pace. This means that the purchasing power of the currency is decreasing, as it takes more money to buy the same amount of goods and services. High inflation can have a number of negative impacts on the economy, including reduced consumer purchasing power, decreased investment, and increased uncertainty. Central banks and governments typically use a variety of tools to try to control inflation, such as adjusting interest rates and implementing fiscal policies.
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.