In many countries the cost of living is rising. What are the effects on individuals and society? What measures can be taken to deal with this problem

Increasing living cost is an emerging concern across the globe, many countries are struggling to manage

this

situation it directly impacts the people and the economy.

This

essay will analyse the effects and suggest probable measures to mitigate the problem.

Firstly

, let us view the impact on individuals, owing to

this

scenario deficit in income versus expense will be more

hence

they could not afford normal social benefits

such

as education, medical, and entertainment.

secondly

, because of the inflation the buying power of a common people will decline in turn,it will affect the cash flow in the system which significantly impact the economy

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,

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for instance

, if an individual could not afford to buy a car the automotive industry will slump

further

it will directly impact the revenue of the industries eventually it leads to unemployment and pay cuts.

Although

the causes are highly regrettable some of the measures would supplement to recover from

this

situation. The key factor to improve the economy is to correct the trade imbalance with import and export in the country in order to achieve

this

task, the government have to promote schemes like a foreign direct investment (FDI), facilitating and encouraging the emerging entrepreneurs with financial support , ensure corruption-free governance and regulating the real estate. By making these efforts diligently we will easily come through

this

crisis. To conclude, the increase in living cost is significantly impacting both individuals and the society

this

situation would be mitigated by policy decisions along with effective and strategic governance.