How does inflation impact the common person in India
Inflation rising faster than speed of bullet train, has broken back of common person
- Price hike: Inflation leads to a general increase in the prices of goods and services, making daily essentials more expensive for the common person.
- Decreased purchasing power: With prices rising faster than income, the purchasing power of individuals decreases, affecting their ability to buy goods and services.
- Impact on savings: Inflation erodes the value of savings over time as the purchasing power of money decreases, affecting long-term financial planning.
- Higher cost of borrowing: Inflation often leads to higher interest rates, making borrowing more expensive and impacting loans, mortgages, and credit card repayments.
- Overall economic instability: High inflation can lead to economic uncertainty and instability, affecting investments, job security, and overall economic growth.
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4 months ago