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In economics, inflation refers to the general increase in prices of goods and services in an economy over time. This means that as inflation occurs, each unit of currency buys fewer goods or services, as the value of the currency decreases. Inflation is often measured by the Consumer Price Index (CPI) and is influenced by various factors, such as changes in the money supply, supply and demand imbalances, and government policies. High inflation can lead to negative effects on an economy, including reduced purchasing power for consumers, decreased investment, and higher interest rates.
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.