From the course: Financial Basics Everyone Should Know
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What is inflation?
From the course: Financial Basics Everyone Should Know
What is inflation?
- [Narrator] Since 2020, the U.S. has experienced a problem that many people had thought was dead and buried. Inflation. Inflation since the Coronavirus pandemic has become a serious issue that's having ramifications not just in the U.S, but around the world as well. Virtually every major country across the entire globe has had higher levels of inflation in the last five years than they had seen in decades. So what is inflation and how do we deal with this? Well, let's talk about it. So inflation in general is the increase in the general level of prices for goods and services in the economy over time. Essentially, what happens with inflation is as the price of everything rises, your own income needs to rise as well, just to keep up. If it's costing you more for rent and car payments, and food and clothes, well you have to earn more money just to stay at the same point. And as inflation increases more and more, you have to run faster and faster just to stay in one place. It's like a…
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