Why is the Cost of Living Rising So Much?
The cost of living is rising, and it is becoming increasingly difficult for people to maintain their standard of living. Throughout winter, gas prices have been climbing, while supermarket prices have also been rising. For millions of Britons, the 'eat or heat' decision has become increasingly difficult. With a rise in fuel prices, some families will be forced to choose between food and heating. But what can we do to combat this rising cost of living?Several studies have shown that a growing number of people are struggling to meet their basic needs, such as food, fuel, and housing. Moreover, the cost of living is disproportionately high among younger people. This is because housing demand has outpaced supply, and rent has been rising faster than inflation. While people who own their homes are protected by rising prices, those who don't are forced to pay more to rent their homes.The cost of living has continued to rise despite the recent recovery from the last two crises. The cost of medical care has jumped by over four percent since 2015, while the price of non-discretionary goods rose by 4.5 percent. Meanwhile, wages have only increased 2.4%, reducing the purchasing power of most households. In other words, the cost of everyday items is increasing at an unsustainable rate.This crisis is affecting the poorest households the hardest. The government is refusing to increase benefits and universal credit, putting unprecedented pressure on the poorest households. Rishi Sunak blamed the conflict in Ukraine for the cost of living crisis. Although oil prices have fallen, demand has rocketed, pushing prices up. Prices of gasoline and gas have increased significantly. With gas costs increasing, household energy bills have also gone up.
