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High inflation is bad because it can lead to a decrease in purchasing power, making it more difficult for individuals and businesses to afford goods and services. It can also lead to uncertainty and instability in the economy, making it more difficult for businesses to plan for the future and for individuals to make long-term financial decisions. Additionally, high inflation can lead to higher interest rates, making it more expensive for individuals and businesses to borrow money.
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.