Here is my take on inflation explained in 5 minutes. Inflation is at a 40-year high. In this video, I will explain inflation in 5 minutes and offer my reasons for why it’s so high and what it means for you.

Inflation is defined as a general increase in the prices of goods and services in the economy. You can also think of inflation as a decline in purchasing power. Basically, the prices of everything you use and need go up.

Fortunately, from a macro perspective, inflation appears to be slowing down later this year as the stock market continues to decline and commodities, including oil and industrial metals, fall.

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Do you have questions about the Inflation Explained in 5 Minutes? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.

Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

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