How does inflation affect the purchasing power of money, and what are some common causes of inflation in an economy?

Explain the concept of Monetary Policy and Inflation?

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.

What could be a real world example that explains the difference between creeping inflation, galloping inflation, and hyperinflation