Post
Topic
Board Economics
Re: Standard of living
by
AicecreaME
on 17/05/2022, 11:12:38 UTC
The prices of goods and services are increasing everywhere in the world, inflation being the major reason why, the physical and political war in Ukraine is also compounding issues for some specific countries, as we know if prices of commodities are high which they are, people will spend more money to buy the goods they need and pay for the services they want. Standard of living on the other hand is like a general term to quantify the economic well-being of people in any country, meaning if the prices of goods and services are high, people would be able to afford very little goods and services and that will make the standard of living to drop generally, and that also goes vice versa.

So i would like to know what the standard of living is like in your country now compared to five years ago. Was there any sharp difference in the standard of living pre pandemic and now. If there is a great fall in the standard of living in your country, have there been any move by the government and employers of labor to alleviate the sufferings of people. People who live in Ukraine, if you don't mind, i think a lot of people would want to know what it is like there too since the war began.


I can attest that the inflation indeed impact the prices of goods and services as time passes by. If you're going to compare the prices of the commodities back then, the price gap is very evident. Way back, you can buy a lot of goods for a $200 worth here in our country. It can be enough for the groceries allotment in a month, but right now, it will not be sufficient most especially if you have mouths to feed.

The cost of living in our country is one of the cheapest in the world. However, the wage here is also low and not really competitive. Hence, despite low cost of living, people still get short on the budget. The hike of commercial goods prices, oil prices, as well as the transportation fee is really alarming because minimal to very low wage adjustment only is done. Moreover, the pandemic really added to this burden. Due to limited transport of the raw materials, goods prices increased even more. This is why I really do hope that we'll be able to bounce back soon so that the prices might recover as well as the citizens, since many were also laid off from their jobs due to the pandemic crisis.