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Runaway inflation refers to a situation in which the prices of goods and services rise at an extremely fast and uncontrollable rate. In this type of inflation, the value of a currency rapidly decreases, leading to a decrease in purchasing power for individuals and businesses. Runaway inflation can be caused by a variety of factors, including excessive money printing, a shortage of goods and services, and a decrease in the supply of a currency. This type of inflation can have severe economic consequences, including hyperinflation, which can cause a collapse of a country’s economy and financial system.
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.