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What is inflation?
Inflation is when prices go up, and your money buys less. So, if a gallon of milk costs $2 today, and inflation is 5%, then a gallon of milk will cost $2.10 next year. That means that your dollar will be worth less next year than it is today.
Why is inflation happening?
There are a few reasons why inflation is happening right now. One reason is that the government printed a lot of money during the pandemic. This money went into the economy, and it helped to keep people employed and businesses afloat. But it also caused prices to go up.
Another reason for inflation is that there are supply chain disruptions. This means that it is harder to get goods and services, which also drives up prices.
How does inflation affect consumers?
Inflation affects consumers in a few ways. First, it makes it harder to afford things. If prices go up, then your dollar will buy less. So, you might have to spend more money on things like food, gas, and housing.
Second, inflation can make it harder to save money. If prices are going up, then your savings will lose value over time. So, you might need to save more money to keep up with inflation.
How does inflation affect businesses?
Inflation can also affect businesses. First, it can make it harder for businesses to make a profit. If prices go up, then businesses might have to raise their prices too. But if they raise their prices too much, then they might lose customers.
Second, inflation can make it harder for businesses to get loans. If inflation is high, then interest rates might go up. This means that businesses will have to pay more interest on their loans.
What can be done to stop inflation?
There are a few things that can be done to stop inflation. One thing is for the government to stop printing so much money. Another thing is for businesses to work to improve their supply chains.
It is also important for consumers to be aware of inflation and to adjust their spending habits accordingly. For example, you might want to focus on buying essential goods and services, and you might want to try to save more money.
Inflation is a complex issue, but it is important to understand it. By understanding inflation, you can make better decisions about your finances and help to protect yourself from its negative effects.
Here is an explanation of inflation in a way that a 5-year-old would understand:
- Imagine that you have $10. You can buy 10 apples with that money. But if inflation happens, the price of apples goes up. So, now you can only buy 9 apples with your $10.
- Inflation is like a monster that eats your money. The more inflation there is, the more money the monster eats, and the less money you have to buy things.
- Inflation is bad for consumers because it makes it harder to afford things. It is also bad for businesses because it makes it harder to make a profit.
Here are some things that consumers can do to protect themselves from inflation:
- Buy essential goods and services first.
- Try to save money.
- Ask your employer for a raise.
Here are some things that businesses can do to protect themselves from inflation:
- Work to improve their supply chains.
- Raise their prices, but not too much.
- Look for ways to cut costs.
Keith Lewis 16 June 2023
The reason for inflation in US, EU and UK is the unhinged overprinting of money out of thin air by the banks for longer than was necessary to control economic risks from pandemic lockdowns not workers scrambling for higher wages to trying and failing to protect their standard of living. This was exasperated by unrestricted national government spending as if cheap money was always going to be on tap. The expanding credit crunch will cause rising unemployment as businesses scramble to maintain failing profits as consumers have no money to spend.
Should you be prepared for the worst economic business environment, or bury your head in the sand? We think it is better to look to the horizon and evaluate what business leaders should do now to best protect their business resilience and growth.
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