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High inflation rate is a sustained increase in the general price level of goods and services in an economy over a period of time. When the inflation rate is high, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power of money – a loss of real value in the medium of exchange and unit of account within an economy. Generally, an inflation rate of 2-3% is considered healthy, but when the inflation rate exceeds that, it is considered high inflation.
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.