Inflation in plain numbers
Inflation is the rate at which prices rise, so each dollar buys a little less every year. At 3% a year, prices double in about 23 years. The Federal Reserve targets 2% a year over time. Actual U.S. inflation passed 9% in mid-2022 before coming back down.
Use this calculator to put a future goal into future dollars, for example what a $60,000 lifestyle will cost when you retire. Or use it to see why cash in a checking account loses value over time. Savings need to earn at least the inflation rate just to stay even.
The rule of 72
Divide 72 by the inflation rate to estimate how many years it takes prices to double. At 4%, that is about 18 years.