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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.
Download our app and start gaining insight into your current and future finances.
Horizon65 for iPhone
Horizon65 for Android