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An associate professor of physics gets a $200 a month raise.She figures that with her new monthly salary she can buy more goods and services than she could buy last year.
Nominal Interest Rates
The interest rate prior to inflation adjustment, denoting the nominal value of interest payments.
Real Interest Rates
The interest rates adjusted for inflation, more accurately reflecting the true cost of borrowing.
Real Interest Rate
The interest rate, once revised for inflation, to represent the actual borrowing cost or the real savings yield.
Inflation Rate
The measure of how rapidly the general price point of goods and services escalates, which in turn diminishes the power to buy.
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