The inflation rate is like the bad boyfriend of the economy. It's always leaving you for someone else, like, "Oh, sorry honey, I'm leaving you for that 5% interest rate over there."
But seriously, the inflation rate is a measure of how much prices are rising. It's like when your aunt gets a new haircut and suddenly thinks she's a fashion icon, and now you have to pay double for that haircut.
Current inflation rate: 2.5% (but don't worry, it's not like it's a big deal)
Want to know how to calculate it? Go here