Inflation affects everything, from the cost of what we buy off the shelves to the cash in our pockets.
It measures the rate at which consumer prices rise and the newest figures show the UK inflation rate rose to 4% in the year to December.
But what do shoppers and shop owners think as the cost-of-living crisis continues?
BBC News NI went to Kennedy Centre in west Belfast to ask people how much they were feeling the squeeze.
"Wild" was one of the words they used to describe the increase in food prices.
Despite the cost-of-living crisis, footfall at the shopping centre increased by 7% last year, according to its manager.
"Everybody knows there is a cost-of-living crisis and some things have gone up, but our customers are very savvy," John Jones.
"They know exactly what they need and they will shop around, they will walk through the mall and check prices in one store and then go to another store.
"We are lucky we have a number of stores that people can do that in."
Source : HERE