Inflation put simply is a rise in prices. Over time, your money will not have the same amount to purchase power as it once did. This rise in cost of goods and services is frequently shared as a percentage. When inflation occurs, you lose the ability to buy as many goods and services as you were once able to. This impacts the cost of living and slows down the pace at which the economy is growing (typically, you will see the economy decelerate).
A classic example of inflation is the cost of a gallon of milk or a cup of coffee. For reference, milk was $2.48 in 1995, and $4.18 in September 2022.