Cost of Living Crisis

[AlexanderM]

To put the phrase, the cost of living simply, it implies whether the value of goods and services has increased and decreased. Usually, and historically speaking, the cost of living has increased but this year in the UK, inflation peaked to 7.2 percent which is triple the recommend target set by the Bank of England. Most businesses are putting prices up by at least 10%, and energy companies have put the cost of electricity and gas by 40 plus percent. Meanwhile, the minimum wage rise from £8.97 to £9.50 is only a 5.9 percent increase.

Let’s not forget the rise in taxes to, to cover the cost of the expenditure from Ukraine Aid and the Corona Virus grants.

So, to conclude, the cost of living in the UK, isn’t the best right now. Many people are having to choose between heating their home and eating.

How is the situation in your country?

 

[Sincerem]

We are currently in the survival mode as the the inflation has really eaten deep into our economy and it would only take a miracle before we can be able to get out of it. The cost of living is so high, low income earners can't even afford transportation anymore and the minimum wage hasn't even been increased since it was proposed by the national assembly. People are still earning the same amount which goes against the current increase in the price of essential commodity. Life is hard here!

 

[Riberet19]

In my country although inflation has fallen considerably compared to the previous year, the price of products continues to rise although not at such a rapid pace, but since the crisis over the cost of living began, the prices of almost everything has tripled, olive oil for example before that crisis began cost € 2.5 now at this time it costs almost € 10 just to give an example, and including that Spain is one of the world's leading olive oil producers.

 

[Good-Person]

In my country although inflation has fallen considerably compared to the previous year, the price of products continues to rise although not at such a rapid pace, but since the crisis over the cost of living began, the prices of almost everything has tripled, olive oil for example before that crisis began cost € 2.5 now at this time it costs almost € 10 just to give an example, and including that Spain is one of the world's leading olive oil producers.

Inflation is a global problem and there are many countries that are struggling with this problem. This has led many people to abandon many things including spending money in an unnecessary manner, which is a good thing. However, not being able to purchase basic things needed for life is one of the major concerns. In my country country, the price of certain things have skyrocketed and they are not in reach of many people.

 

[Nomad]

The cost of living is really high in my place. I need around $1500 to pay bills and live a somewhat comfortable life. While $1500 might sound small amount in the West, this is a really big amount in the developing world. I have to compromise on a lot of things so that I can maintain my lifestyle to a minimum standards.

 

[Gilead]

It is a disaster over here in my country. Currently our currency Is crashing and we don't know for certain where the leadership in the government is leading us. The economic impact on cost of living has been tremendously unbelievable. We keep hoping for the best anyways. Inflation is currently at 24% with the potential of increase.

 

[Debashis]

India being an extremely diverse country has different costs of living in different cities. In some its very high, in some it's very low and in some it's moderate. It just depends on how well a city is developed, how much job opportunities it has and how good the climate there is. The city I live in is known as the Silicon Valley of India because of being the heart of IT companies/MNCs in India. People get paid very well here but the cost of living is extremely high. Even though they get paid well, they can't make much out of it. But overall if we look at the country, inflation is at a rate of 7% approximately right now, so things are getting expensive every year.

 

[Good-Person]

It is a disaster over here in my country. Currently our currency Is crashing and we don't know for certain where the leadership in the government is leading us. The economic impact on cost of living has been tremendously unbelievable. We keep hoping for the best anyways. Inflation is currently at 24% with the potential of increase.

Well, on the contrary, the value of foreign currencies is declining in our country. However, the fact remains that it is having no positive effect on the levels of inflation. I really do not know why this is the case. Perhaps this is a temporary decline in the value of currencies. Regardless of this, inflation has increased so much. I really doubt if inflation will decrease in here.

 

[Riberet19]

India being an extremely diverse country has different costs of living in different cities. In some its very high, in some it's very low and in some it's moderate. It just depends on how well a city is developed, how much job opportunities it has and how good the climate there is. The city I live in is known as the Silicon Valley of India because of being the heart of IT companies/MNCs in India. People get paid very well here but the cost of living is extremely high. Even though they get paid well, they can't make much out of it. But overall if we look at the country, inflation is at a rate of 7% approximately right now, so things are getting expensive every year.

Interesting fact friend, it seems that India is a country where everything changes depending on where you are, even the economy, I had India as a very cheap place, but as you say it can change depending on your area, that also happens in my country, but it may not be that exaggerated, but I must also say that there are very luxurious cities here like Puerto Banús where a simple drink in a restaurant can cost you $200.

 

[Debashis]

Interesting fact friend, it seems that India is a country where everything changes depending on where you are, even the economy, I had India as a very cheap place, but as you say it can change depending on your area, that also happens in my country, but it may not be that exaggerated, but I must also say that there are very luxurious cities here like Puerto Banús where a simple drink in a restaurant can cost you $200.

Yes! Everything changes depending on where you are.
Haha, I don't blame you. It's how the media projects India. They usually just show one face of the coin.
Here's a YT short that can give you some idea of how different it looks and how different the cost of living could be from city to city:

 

[Grant]

The problem with this whole crisis, is that the cost of living has barely gone up, while the cost of everything continues to rise yearly it seems. It's sad that back in the 50s-80s, hell even the 90s buying a house was actually possible for most people, including buying a car, and putting food on the table. But these days houses and cars have gone up so much, while pay has barely gone up.

My generation and the ones to follow me, aren't going to be able to afford a house or car of their own at some point. It's going to get to a point where you have to buy the cheapest beat up car, or buy a trailer home or live in a tiny home just to have a home. It's sad the way the rich keep getting richer, but the poor get more poor. While they rise up, we fall down.

 

[Good-Person]

The problem with this whole crisis, is that the cost of living has barely gone up, while the cost of everything continues to rise yearly it seems. It's sad that back in the 50s-80s, hell even the 90s buying a house was actually possible for most people, including buying a car, and putting food on the table. But these days houses and cars have gone up so much, while pay has barely gone up.

My generation and the ones to follow me, aren't going to be able to afford a house or car of their own at some point. It's going to get to a point where you have to buy the cheapest beat up car, or buy a trailer home or live in a tiny home just to have a home. It's sad the way the rich keep getting richer, but the poor get more poor. While they rise up, we fall down.

Well, the fact remains that most of the young people are, indeed, not able to purchase a house. This is because the earning capacity of those folks is pretty limited. There are a few young people who have managed to make tons and they are the ones who are able to afford a house. However, the number of those people is very low, as majority seem to suffer and deal with financial crisis and economical troubles.

 

[Riberet19]

Yes! Everything changes depending on where you are.
Haha, I don't blame you. It's how the media projects India. They usually just show one face of the coin.
Here's a YT short that can give you some idea of how different it looks and how different the cost of living could be from city to city:

wow, India is growing enormously economically, it is true that I have also heard a lot about this from reputable economists, that India is a country to watch since its growth has been like the growth of China in past decades, I would not be surprised if it managed to get the third or fourth place in terms of world GDP.

 

[Modar]

Nowadays, inflation has a huge impact on the whole world. Prices are rising and more expensive are products in stores, medicines in pharmacies, Clothing, Services, transport, Utilities, restaurants, hospitals, treatment. This cannot be avoided, alas. Also because of this, the exchange rates fluctuate Dollar, euro, pound sterling and also even Bitcoin cryptocurrencies. But Great Britain is in 5th place in the world as the richest country and not only on this list. We hope she can withstand this crisis.

 

[Riberet19]

Nowadays, inflation has a huge impact on the whole world. Prices are rising and more expensive are products in stores, medicines in pharmacies, Clothing, Services, transport, Utilities, restaurants, hospitals, treatment. This cannot be avoided, alas. Also because of this, the exchange rates fluctuate Dollar, euro, pound sterling and also even Bitcoin cryptocurrencies. But Great Britain is in 5th place in the world as the richest country and not only on this list. We hope she can withstand this crisis.

Great Britain is a very rich country, and I think it will come out strong from the economic crisis, it almost always does, although it had the problem recently with the issue of pensions, in the end, it seemed that it was solved, but really this is a quite severe global problem, and now with the war between Israel and Palestine, Economists have already warned that inflation will pick up again and also the cost of many raw materials, for example, oil has already become more expensive by 5%

 

[Henrywrites]

In my country although inflation has fallen considerably compared to the previous year, the price of products continues to rise although not at such a rapid pace, but since the crisis over the cost of living began, the prices of almost everything has tripled, olive oil for example before that crisis began cost € 2.5 now at this time it costs almost € 10 just to give an example, and including that Spain is one of the world's leading olive oil producers.

The statistics that can be gotten from the National Bureau of Statistics (NBS) will show you that inflation and unemployment rate is dropping, but such stats is a complete opposite of what is happening in the country. A lot of people are complaining about the high cost of living, and I, sometimes, get worried about what is going to happen in the coming months.

 

[Riberet19]

The statistics that can be gotten from the National Bureau of Statistics (NBS) will show you that inflation and unemployment rate is dropping, but such stats is a complete opposite of what is happening in the country. A lot of people are complaining about the high cost of living, and I, sometimes, get worried about what is going to happen in the coming months.

I agree with you, the statistics of my country say the same, or the so reputed "official data" but the reality is different and no one can deny it, everything goes up in price in a matter of weeks and the situation is going to become unsustainable as long as the situation continues like this.

 

[Baker]

The cost of living at my place is relatively low compared to many other countries. The cost of food, housing, and transportation are all relatively affordable. However, salaries in here are also low, so it can be difficult to maintain a good standard of living. Inflation has also been a major issue in recent years, which has made it even harder for people to make ends meet. But despite these challenges, many people are able to find ways to make a living and provide for their families.

 

[Abibatabosede]

To put the phrase, the cost of living simply, it implies whether the value of goods and services has increased and decreased. Usually, and historically speaking, the cost of living has increased but this year in the UK, inflation peaked to 7.2 percent which is triple the recommend target set by the Bank of England. Most businesses are putting prices up by at least 10%, and energy companies have put the cost of electricity and gas by 40 plus percent. Meanwhile, the minimum wage rise from £8.97 to £9.50 is only a 5.9 percent increase.

Let’s not forget the rise in taxes to, to cover the cost of the expenditure from Ukraine Aid and the Corona Virus grants.

So, to conclude, the cost of living in the UK, isn’t the best right now. Many people are having to choose between heating their home and eating.

How is the situation in your country?

You are absolutely correct when you say 'one has to choose between heating their home and eating'. This is also applicable to the problems going on in Nigeria. The rate at which everything got increased can not be quantified, while there was no increasement in salary. Cost of living in Nigeria presently is almost unaffordable.

 

[Riberet19]

You are absolutely correct when you say 'one has to choose between heating their home and eating'. This is also applicable to the problems going on in Nigeria. The rate at which everything got increased can not be quantified, while there was no increasement in salary. Cost of living in Nigeria presently is almost unaffordable.

Not only in Nigeria but in European countries and even in the United States is the same thing happening, wages barely increased and prices almost tripled, in addition to the fact that we live in a stagnant economy in many more aspects, this is why I think that a recession may also even be good at these points in which we find ourselves to eliminate all the excesses of this last decade and a half.