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Inflation is a persistent rise in the overall cost of goods and services in an economy over time, causing a decrease in the value of money as each unit can purchase fewer goods and services. In contrast, deflation is a sustained decrease in the general price level, which can increase the purchasing power of money but can also harm the economy.
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.