In some counntries, the cost of living is rapidly increasing. What do you think may be the reasons for this? What effects might this have on society?

In the

last

decade, there has been a tremendous increase in the

cost

of living in the majority of places. From my perspective,

this

could result from inflation and increased money supply from the wealthy citizens of

countries

.

This

essay will outline the reasons for increasing living costs and the possible outcomes of it.

To begin

, the primary reason behind the increasing living

cost

is inflation. Amidst the Russia-Ukraine war in 2022,

for instance

, oil and gas prices went up by a big margin because

,

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Russia is a big supplier of oil and gas to the world.

Due to

the war, all the nations boycotted purchasing them from Russia and decided to rely on other oil-producing

countries

which sold them for double the price to make a profit. What is more, the standard of living is gradually upscaling, which means the government is charging hefty taxes on the citizens.

This

being the case,

countries

,

such

as Switzerland and Norway, are well-maintained and picturesque. It is not unreasonable that the

cost

of living is very high as they need to refurbish and provide better opportunities for locals and tourists. The effects of

this

unfavourable situation would be that people of developing

countries

will be understandably concerned to go abroad for education or job-related purposes as they will not be able to meet up to the living

cost

due to

the disparity in the currency of their country compared to the one they applied for.

Moreover

, homeless and less fortunate folks will be the worst hit as they will drown

further

in debt.

To conclude

from the aforementioned discussion, inflation is the most viable cause of the rapid increase in living costs,

whereas

well-off citizens of the nation are

also

partly responsible.