Describe inflation, explain how it happens and describe its effect on purchasing power?

How might a rapid rise in inflation harm you?  How might a rapid rise in inflation help you?  In answering this question consider your role as both a consumer, worker, and borrower.  Consider the likely effect on your real wages, and any interest you receive as a saver.  Would it be advantageous to borrow money if you expected inflation to rise?   Does it make economic sense to open a savings account at a bank given the latest increase in the CPI.

Why are interest rates rising in the US inflation, how does society benefit from that increase?

What Causes a Country to Economic Inflation

Distinguish between the general inflation rate and the average inflation rate for specific goods?

Give an example of a good or service that has increased in price since the time when you were young. Describe the good or service and tell us what price the good cost when you were young compared to today. Calculate the percentage change in price (the inflation rate for the good in question) over the time period you are describing.

Inflation Winners and Losers Does inflation affect everyone in an economy equally? Who wins and loses and why? Do we all lose on some level?

How can the Equivalence Calculations be performed under Inflation?

What is demand-pull inflation?

With an illustration and  rationale  what is  the category of inflation considered to be the most severe