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Inflation can hurt those on fixed incomes, such as retirees and people living off savings, as it reduces the purchasing power of their money. Additionally, it can hurt businesses as increased costs may not be able to be passed on to consumers in the form of higher prices.
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.