In many countries, the cost of living is rising. What effects do higher prices have on individuals and society? What are some best ways to deal with this?

There has been a price escalation in the living expense in a majority of nations. Given that

this

trend can exert sizeable impacts on the society as a whole I strongly believe there can be some plausible solutions towards

this

issue. Living cost upsurge can inevitably lead to more financial burden for the government. With regards to each individual, if higher price for daily goods and services

such

as accommodation and transportation is established, one will have no choice but to work overtime or even apply for another job to ensure the basic needs are covered, thereby reducing their time which

otherwise

should be spent with family and peers. As far as the society is concerned, higher living standards mean the purchase power can be negatively influenced and by a long shot, economies will have less chance of developing. To tackle the problems, residents and the state need to devise certain solutions. From citizens’ perspective, more productive working strategy is necessary. To be more specific, each individual has to come up with their own way to generate income, which means working more shifts should not be prioritized while total salary is at least stabilized.

Additionally

, those in power,

for instance

, the Ministry of Finance might have to channel the national budget in order to stabilize items cost

therefore

the people can afford fundamental commodities. In conclusion, the society has seen a great deal of price hikes recently.

Such

a phenomenon will likely deteriorate the living conditions. In order to deal with it, the solutions suggested above can be of help.