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What is mean by inflation.?
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It is a sort of measure of how much your money can purchase.
As an example: suppose one year $1 could purchase 3 apples but the next year $1 could only purchase 2 apples.
This situation is called inflation.
Consider the context of the cost of things increasing but your earnings do not increase. This has the same effect as a drop in your earnings. People use the phrase 'worse off'.
On the other side. Suppose your wages stayed the same but the cost of everything went down. You would have 'more buying power' and you would be 'better off'.
