Inflation is the general increase in prices. It is caused by the expansion of credit and money supply within an economy and is generally considered good provided it does not run away with itself.
The Bank of England actually has minimum as well as maximum inflation targets. In other words the Governor of the Bank of England has to ensure that inflation continues. If it falls to zero he is in trouble.
Moderate inflation helps an economy grow and it is stoked by the pleasant process of creating credit out of thin air.
Everything we hear about inflation coming form abroad is a lie to cover the fact that inflation is generated by the state. The danger is that inflation could rise if the government ever finds itself unable to pay its bills. In fact we see this is happening already.
Some apparently genuinely ignorant economic correspondents will tell you that this is not the case- and that inflation is increasing because the pound is declining. This is entirely true- except that the pound is declining due to the creation of fresh credit so my own argument holds.
The point is that we are in danger of hyperinflation throughout the west. This is one reason gold has been increasing in value- gold is a sort of insurance policy against inflation.
What should we do to protect ourselves against inflation? Buy goods that will inflate in value. This may be property, food or anything else that is tangible and productive. Do not hold cash or most other types of investment. Land generally does OK, as do most commodities- especially gold.