In many countries, the costs of living are rising. What are the effects on individuals and society? Suggest solutions to this problem.

It is a great issue that living expenses have been increasing at an alarming rate across the world which has some effects on the

people

living in

society

.

This

essay shall look into the effects of

this

phenomenon, and suggest some measures to address

this

issue. There are a variety of effects on

people

and

society

due to

rising costs of living.

Firstly

, a group of individuals has been struggling to ensure the minimum level of living standard, and

this

is because of increasing the inflation rate.

Although

per capita income increased over the

last

few years,

but

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lion's share of

this

excess earning has been spent on buying essential commodities at high

prices

.

For example

, recently product

prices

have been high because of the Russia-Ukrain war which is resulting

an

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in an

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excessive inflation rate.

Secondly

, the farmers are grappling with cultivating the

crops

as well as

fulfilling the demands of

society

due to

high

prices

of resources

such

as fertilizer, agricultural tools,

labor

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labour

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costs, etc. Since farmers have been producing

crops

at high

prices

,

people

from

the

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poverty-stricken areas are unable to buy the finished goods because of their

low-income

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low income

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level.

For instance

, if a farmer is not assured of optimum selling

pricesprices

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prices

,

then

they will lose their interest in cultivating the required

crops

for

society

.

Therefore

, the

government

have to pay a subsidy to import essential goods from outside the country to fulfil the country's demand. There are two effective solutions to tackle

this

challenge. On the first hand, the

government

should take steps to provide loans to the farmer

society

so that they can produce

crops

as much as possible which will ensure the low price of essential commodities.

In other words

,

people

will tend to purchase the country-produced produce at low

prices

.

On the other hand

, public transportation systems need to be developed by the

government

so that

crops

cultivated in remote areas can be transported across the country within a short time. Summing up, though rising living costs have been creating numerous issues for individuals and

society

, providing the required facilities from the

government

side to farmers may reduce

this

problem.