How Does Inflation Impact Your Personal Finances?

Inflation measures the rate at which the prices of goods and services increase. When inflation occurs, it can have a negative impact on the economy as the prices for basic necessities such as food, shelter and medical care are increasing, and in most cases, these increases are happening at a much faster and higher rate than the increase in wages.
So, what does this mean for your personal finances? This article will look into how inflation impacts your personal finances and what you can do to protect against it.