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?

Nowadays, the living costs of many nations have increased dramatically.

This

trend has serious impacts on

people

and the community. In

this

essay, I will discuss the consequences of

this

issue and how to alleviate the same.

To begin

with, urbanization has led to rapid developments in many

countries

.

As a result

, all the luxuries are available to citizens at very high prices.

This

trend has two principal effects on society. One of them is inflation; a plethora of

countries

have started selling their resources at extremely high prices.

For instance

, in certain South Asian

countries

like India, the prices of petrol and diesel have almost doubled in a span of two months. Another major impact of

this

trend is that

people

have started engaging in unlawful activities which increases the crime rates. In order to survive,

people

have started taking a step in the wrong direction which is not good for society. To tackle

this

situation, government bodies should take steps in the right direction.

To begin

with, reducing subsidized rates on certain commodities can bring a lot of relief to the

people

.

People

should be encouraged to develop a few items in their home

countries

to save the duty fees and generate sources of income.

For instance

, the popular "Make in India" movement has motivated many individuals to generate new products and secure a fixed income.

In addition

, even the

people

should manage their day-to-day expenses and spend only as per their needs. Proper money management

thus

, will help individuals to deal with

this

problem effectively. To conclude, the costs of living across the globe have increased significantly.

This

problem can lead to higher crime rates and the best way to tackle

this

problem is appropriate money management.