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Does it feel like a dollar buys less than it used to? You’re not imagining things. “It’s inflation,” people sigh.

 You probably have a rough idea of what inflation means. The cost of things is going up. 

But what is inflation really, what causes it, and how does it affect your finances? Here’s everything you need to know about this everyday economic term.

What is inflation?

Inflation is an increase in the prices of goods and services in an economy over a period of time.

That means you lose buying power — the same dollar (or whatever currency you use) details ⇒

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