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As of the latest data available in January 2023, the annual inflation rate in the United States is 5.4%. This represents an increase in the overall level of prices for goods and services over the previous year, driven by factors such as supply chain disruptions and increased demand as the economy recovers from the COVID-19 pandemic. The Federal Reserve and other policymakers are closely monitoring inflation and taking actions to support economic stability and address its potential impact on households and businesses.
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.