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How Cost Of Living Increased: For two years, 2020 and 2021, due to the Corona epidemic, the wheel of economic development of the world came to a standstill. Due to this disease, people had to lose their lives and thousands of people lost their jobs. No data or survey has come about the impact of Corona on the everyday life of the people. But due to the lockdown, when there is a crisis in the employment of the people or there is a cut in the salary, then it has definitely affected the everyday life of the people.
Russia-Ukraine increased trouble after Corona
The world had not even recovered from the effects of the Corona epidemic of two years that Russia’s military action against Ukraine caused leprosy. Due to this action of Russia, the prices of many commodities including crude oil, natural gas, steel, aluminum started skyrocketing. Ukraine Russia itself was a major supplier of food items. So there was a food crisis all over the world, due to which the prices started to skyrocket. Petrol diesel prices increased due to expensive crude. CNG-PNG became expensive due to expensive gas. Wheat and edible oil became expensive. If the price of palm oil increased, then other essential items of everyday in which soap-shampoo became expensive. It has worked to influence the budget of the household of the common people.
impact of war on currency
After Russia’s attack on Ukraine, inflation increased due to problems in supply chains around the world. Everything from food items became expensive. The dollar became stronger against all currencies. Be it rupee or yen or euro, all the currency got beaten up in front of the dollar. The rupee has declined by more than 10 percent against the dollar in 2022. Due to which imports became more expensive. Due to this, India’s foreign exchange reserves have also decreased. Foreign exchange reserves have come down from $ 640 billion to $ 532 billion. Those who have sent their children abroad to study, their trouble has increased. Because to send foreign dollars, more rupees have to be spent.
EMI gets expensive!
Inflation in America went to the highest level in 40 years. After which the Federal Reserve, the central bank there, started the process of raising interest rates to rein in inflation. Retail inflation in India also reached the highest level of 7.79 percent in April 2022 and above the tolerance level of RBI. From May, the RBI started the process of raising interest rates, which is still going on. The repo rate has been increased by 1.90 percent. And in the month of September, the inflation rate has again reached 7.41 percent, after which the loan is expected to become more expensive. Due to this, the EMI which has already become expensive and may become more expensive. The increase in EMI has spoiled the household budget of the people.
Unseasonal rain added to the trouble
On one hand, inflation has increased due to global reasons, on the other hand, unseasonal rains in this Kharif season have also increased the trouble. Earlier, due to less rain, sowing of paddy decreased. So now due to excessive rains, the cultivation of vegetables including tomatoes, potatoes and onions has been affected. Due to which vegetables and vegetables have become expensive. In the month of September, food inflation has been 8.60 percent, then the inflation rate of vegetables has crossed 18 percent.
living hard
The IMF has also said in its report that Russia’s attack on Ukraine has increased inflation, which has affected people’s everyday lives. According to the IMF, in 2023, the economic growth rate of one third of the countries is expected to be negative. So in 2023 some countries, America, European countries may also face recession. This can lead to employment crisis. Companies can lay off.
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