Cost of living has increased in various countries around the world. There are various effects that individual and society have to face, however, many steps could be taken to eradicate this problem.
To begin with, there are numerous impacts that the individuals have to handle, starting with the problem of the increased expenses. To elaborate, in the past if we paid 10$ for the things we have paid 50$ so there are increasing in the cost of the similar item ,have to pay excess 40$. Moreover, there are many necessities which not fulfilled because of the higher cost. To elucidate, the basic human need managed in prior days were easy but for present its very difficult like basic education, good healthcare services etc. In Additon, Income sources are very limited incompare to spendings, therefore the cost of living goes up.
However, if goverment take steps like removing taxes from basic necessities and subsidies for the things which needs to be use in daily routine. Furthermore, Creating employment opportunities and Provides Education Free on low cost admires the standard of living and once it is increase it be very benifical to the peoples.
To conclude, effects like high Expenses , less income sources and unfulfilled necessities which happend because of high cost of living, nulify with the help of some solutions like Removing taxes & Providing subsidies and creating emolyment opportunity.