Contest| The Effect of Rising Inflation on Everyday Life insurance

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I see inflation as a silent thief,and it is redefining our daily life by constantly weakening the purchase power of people worldwide.
Hello my fellow steemians I'm here to share my thoughts on this contest of the effect of rising inflation on everyday life.

This term,made made up of a steady increase in the price of goods and services generally,has wider causes that goes beyond normal statistics of the economy.As inflation continues to grow, it's effect on lives everyday has become greatly pronounced, affecting people, societies and communities put together.

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The most outstanding cause of inflation is the reduction in purchasing power.As prices goes up,the exact amount of money can only buy smaller goods and services, putting individuals in a situation of making hard choices between important expenses.

For example,an individual who could afford to buy seven days worth of necessities with his/her monthly budget,now finds it difficult making ends meet.This reduce on purchase power greatly affects the population of households on low income,those living on fixed incomes and the elderly.

Inflation has impacts on investments and savings.As prices goes up,the monetary value invested of saved reduces, greatly lessening the wealth of individuals.This can particularly be heart breaking for those who worked so hard over the years only to see it's value greatly reduced by inflation.
In addition, inflation leads to reduction in the investment value on stocks and bonds,as the purchase power of the returns on these investments are diminished.

The consequences of inflation are not limited to personal finances, they also have a pronounced impact on business and the wider economy.As prices increases, businesses struggle to keep up profit margins, thus leading to reduced investments,low production and job loss.
This has a thorough consequence all over the economy, leading to poor economic growth,high rate of unemployment and reduced standards of living.

Personally,I have felt the pinch of inflation in my family.My grandfather as a pensioner and surviving on a fixed income,has now had to make necessary adjustments to keep up with the ever rising cost of living.

Little pleasures like buying drinks or buying clothes more often,have become so luxurious that he can no longer afford to do it.The constant struggle to meet up has now taken a toll on his emotional and mental being, leaving him to always feel uncertain and anxious about the future.

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Monetary policy makers can function crucially by shifting interest rates and enforcing other ways to control inflation.Governmental organizations can also see to It that fiscal policies are implemented and pointed at, cutting short the budget deficit and reducing the money supply.

People can make sure to protect themselves from the consequences of inflation,by investing in goods and services that usually do well during inflation periods,such as real estate, precious stones or metals and changing their habit of spending to give account for price increase.

In conclusion,the causes of rising inflation on our life everyday are widespread and multifaceted.As there is continuous rise in inflation,it is very necessary that people, business organizations and governmental organizations take possible steps to curb it's impacts.
By having an overview knowledge we can work as one to build a more sustainable and resilient economy the would be of benefit to everyone.

I invite @bossj23, @aka246 and @okere-blessing