The cost of living is higher in many countries. What is the effects of higher prices to individuals and society? What is the best way for people to deal with this problem?

As we all know, nowadays, many countries experience a hike in living expenditures. I personally think

this

showers an adverse effect on both humans and as a community on the whole. There are a number of ways we can do to resolve the issue which we will look in the below paragraphs. Undoubtedly, the major consequences of higher cost of living downgrades the existing standard of living among humans and entails economic backwardness on the public.

Firstly

, rising cost in the basic essentials like food, shelter and clothing leads to upsurge in spending urging the boost in salary for every household. That said, it means that they end up paying more GST and taxes impacting their social status and worsens the existing middle class.

Secondly

,

this

affects the very poor of the nation as it leads to widening the gap between have and have-nots causing economic disparity and backwardness. To alleviate all these problems, measures are to be taken appropriately both by Governments and individuals. One of the best approaches Governments should aim to do is to lower the GST and taxes and reduce the average cost of consumer daily living products and basic needs,

thus

promoting a better and happy life. Another measure is for people to adopt a systematic way of savings mitigating the unnecessary lavish spendings which in turn can help to overcome during the inflation. Public-private partnerships on the capital markets and commodities can levy huge fines on those parties,

such

as Real estates, finance who charge higher interest on loans than the estimated value. To conclude, rise in living costs is inevitable in the present world, reducing the standard of living and increasing the economic disparity. Measures

such

as adopting lower GST and tax schemes by Governments, planned saving by humans and encouraging trade, ventures with minimal interest loans can benefit for the betterment of individuals and humanity aiming for a vibrant future.