You can think of inflation in two ways. It’s the devaluation of currency over time or the decrease in purchasing power of a currency. Either way, it means the same thing for our wallets. Money just doesn’t stretch as far as it once did.
The explanation that makes the most sense to me is that inflation occurs when money supply growth outpaces economic growth. Well, the government recently printed $3 trillion dollars meaning that 40% of all the money supply in circulation has been created in the last 12 months.