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Devaluation in modern monetary policy is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged. ‘Devaluation’ means official lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency. -- Wikipedia

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Making the most of your money during high inflation - Essex Magazine

Inflation is the term used to describe rising prices. It’s calculated by comparing the current cost of essential goods with how much they cost a year earlier, and the average increase is known as the inflation rate.
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