Inflation is a term to refer to the increase in the cost of things, and the lowering of the purchasing power of a currency or money. In this week’s personal finance essay I will be writing about how inflation affects me.
Inflation does not affect me that much, yet, because I am not an adult yet, or have bought costly items such as a car or house, or sold something. But that does not mean I notice it in my daily life. For example two years ago when I bought a certain type of candy, the cost of the candy was fifty cents per piece, now the exact same candy costs almost a dollar. Another example of something that I noticed has been affected by inflation is gas prices. I don’t own a car or drive yet, but I do notice the gas price. When I was ten years old the average gas price was in the ninety and low one hundred cents range per liter, but in a span of four years it has gone higher, in certain cities in my area the gas price was almost two dollars. But thanks to the Covid 19 Pandemic, the gas price has gotten much lower, actually at a certain point the gas price was almost seventy cents in my area, but that’s most likely because the demand for gas is low because almost everyone was staying at home.
Getting back on topic, yes I do notice inflation, but how does it affect me? The way that inflation affects me is by the cost of small items. Every single year I see a change in the cost of a particular item. Another way it affects me is how it affects my parents, which of course affects me. Inflation affects many people today. This is how it affects me.