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As of February 2023, the inflation rate in the Eurozone is 9.6%. The Eurozone is a monetary union of 19 European Union member states that use the euro as their currency, and the inflation rate is a measure of the rate at which prices for goods and services are increasing. The European Central Bank aims to keep inflation below, but close to, 2% over the medium term. Factors such as supply and demand, interest rates, and government policies can all influence inflation.
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.