Inflation has been a major concern in the current economic climate, affecting everything from groceries and gas to housing and utilities. As price rises,many household areas struggling to keep up with the increasing in cost of living. Businesses are also feeling the pressure,as higher cost of raw materials and wages are impacting their profits.
While government and centre Banks attempt to control inflation through interest rate adjustment, consumers continue to seek way to manage their budgets effectively.
Do you think Government policies are helping or hurting the situation? Why?
What strategies have you used to cope with rising price??
Yea we have seen the tensed environment inflation has created for us but the thing is that one needs to cope that's what matters most, we can't just fold our hands though jobs are being lost now because of companies being unable to retain some workers they decide to reduce their work force which in reality is minimizing cost to function efficiently but we must individually seek for more source of income to survive in this kind of settings especially if the one we have isn't sustainable anymore or enough but if cutting cost can also help now then it is a good decision to take and I must tell you that it necessary to apply any technique that can help us survive the high inflation which is the present days reality.
As for the government, most country government are trying, although some of them have a very smart economic team that has helped them earlier before this time to set things on ground to absorb the inflation when it comes, so they arent really finding it very difficult, increasing tax a bit wouldn't be a problem for them again because the citizen will have to see reason why such decision is been taken but for developing countries with poor economic policies where the leaders believe that they are been elected to embezzle public funds, it will definitely be a problem because they'll have to Increase tax to the level that it wouldn't be easy for the citizen as means of tackling the said inflation which may be very burdensome to the citizens.
My strategy of surviving now is cutting cost, things that aren't much important and necessary doesn't make it to the list of things I want to purchase so that the money can be Chaneled into other meaniful things.