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Inflation is a continuous rise in the overall cost of goods and services in an economy that reduces the purchasing power of money as each unit can purchase fewer goods and services. Cost-push inflation is a type of inflation that occurs when production costs increase and lead to a higher overall price level.
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.