Worldwide, In many countries, cost of living has significantly increased whose outcome is rise in the inflation because of that it is hard for people to afford basic needs like medicare, food, and housing.
There are many causes for increasing expenses. for example, in big country like India, the major problem is high population which makes it very hard to fulfil the basic needs of a person. Additionally, It is seen that for more money, individuals are creating artificial shortage of many food item which are required daily which disturbs the flow of demand and supply leading rise in costs of items like vegetable. Because of many reason like above the common man gets wrenched in between. Impact on the societies is also detrimental, increase in regular expenses people hesitates to spend which indirectly affect the country reducing the overall growth. It is very hard for people to cover their medical expenses due to costs.
However, Even with many problem this situation can be controlled by imposing correct rules and regulations by government authorities. Moreover, New rules should be implemented to regulate the increasing population which will give promising results not right away but in coming years change can be seen. The minimum wage for employees should revised every year based on inflation rate. As per reports, less 40% citizens of country like India has health insurance, so government should mandatory the Health Insurance for every citizen in the country. Authorities should also control the costs of basic things like vegetables preventing artificial shortage.
In conclusion, With direct interference, policies and strict regulations problems like inflations can be tackled successfully.