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Inflation occurs when the general level of prices for goods and services in an economy increases over time, resulting in a decrease in the purchasing power of money. This can happen due to a variety of factors, such as an increase in the supply of money or a decrease in the supply of goods and services. Other causes of inflation include rising production costs, increased demand for goods and services, and changes in exchange rates. Inflation can have a significant impact on an economy, affecting the cost of living, interest rates, and overall 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.
Download our app and start gaining insight into your current and future finances.
Horizon65 for iPhone
Horizon65 for Android