I have been writing and talking about inflation increasingly more during these uncertain times. As stated in this earlier post, recent inflation reports to be 7%, and some estimate true inflation to be in the double digits. Regardless of actual inflation numbers, one thing can be sure, and that is the inflation will continue to worsen over time.

So what does this mean for the average working professional? Here are two practical takeaways everyone needs to understand:

1️⃣ Prices of Goods and Services Rise

Most people understand inflation means higher prices and expect that higher prices for goods and services are imminent. Today, prices of homes, cars, and food are already rising. Tomorrow, people will pay more for each of these things.

2️⃣ You Will Receive Less Goods and Services For The Same Price

We understand that inflation means that your dollar does not get you as far. But, rather than raise prices, one option that companies and providers are already choosing are to charge the same price but will offer less to compensate by providing less:

Less sheets of toilet paper
A smaller candy bar
Lower quality materials

As an anecdotal personal experience, just today I unwrapped an oatmeal bar that my family and I have been buying for years and noticed how noticeably, hilariously smaller this bar was! Less goods for the same price.