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Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently purchasing power is falling. Inflation can have a number of effects on the economy, including:
Overall, inflation can have both positive and negative effects on the economy, and policymakers must balance the need to control inflation with the need to support economic growth.
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.