Cost of Living Crisis Deepens: Why Everything Keeps Getting More Expensive

The persistent increase in the cost of living each year is a multifaceted issue stemming from a complex interplay of economic forces, both domestic and global. Inflation, the rate at which the general level of prices for goods and services is rising, stands as a primary driver. This erosion of purchasing power means that the same amount of money buys less over time, compelling individuals and households to spend more to maintain their existing standard of living. Various factors contribute to inflationary pressures, creating a cycle of rising costs that impacts nearly every aspect of daily life.