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In economics, inflation and deflation are two important concepts that describe changes in the general price level of goods and services over time. These concepts can be defined as follows:
Inflation can be caused by a variety of factors such as an increase in the money supply, a decrease in the supply of goods and services, or an increase in production costs. On the other hand, deflation can be caused by a decrease in the money supply, an increase in the supply of goods and services or a decrease in production costs. Central banks and governments use various monetary and fiscal policies to target an appropriate inflation rate and prevent deflation.
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.