Contest| The Effect of Rising Inflation on Everyday Life

_{Hello Everyone. I am @shiftitamanna
From #Bangladesh}

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Greeting my dear Steemian friends. Welcome to my new contest post on the topic of inflation. For this week, one of our respected Steemian friends, @deepak94 sir, has organized a new contest on the topic of inflation. Looking at the current situation, this contest organized today is quite important for us, which is why I am participating in today's contest based on my opinion.

How has inflation affected me?

In this case, we first need to know what inflation is? And in this answer, I would like to say that when the price of goods and services increases in terms of money over a period of time, it is called inflation in the language of economics.

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Generally, when the price of goods increases, more currency is required to purchase that product with the local currency, or when you buy a product with the same amount of currency, you get less than before, which is known as inflation. But now I am mentioning some of the difficulties that inflation has caused to me and other people.

• Quality of life ; Inflation has had the biggest impact on my standard of living and that of people like me. Especially those on limited incomes are facing a huge strain and as people's purchasing power decreases, many are forced to rein in their spending, making this a very difficult time for low-income people.

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• Production and employment ; As the price of raw materials increases due to inflation, it has an impact on the overall cost of production, which in turn increases the prices of various goods. In such a situation, there is a risk of production falling and if production decreases, there is a risk of many losing their jobs.

• Fixed and variable income ; There are also many people in our society who work in various jobs where their salaries do not increase at the end of the year or even if they increase, they are less than the inflation rate. They are the ones who suffer the most at this time. Because this reduces their ability to purchase goods and services with their real income, which is why people with fixed incomes who depend on interest from bank accounts or savings certificates are also affected.

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• Import Export ; Inflation causes the value of the currency to decrease, so that even if the export of goods produced in that country increases, the price of the export does not change. In this case, if any product of our country is imported by another large country, they can also get many products at a lower price, which is a major impact on inflation. At the same time, due to the fall in the value of the currency, imports from other countries decrease because it costs more to buy the same goods than before. This poses a risk of loss to import-dependent countries.

In addition to all the above issues, there are many other issues that, considering all these factors, affect me and many others like me due to inflation, which is a major setback for the development of a country.

I would like to invite my friends @mdkamran99, @hotspotitaly and @lirvic to participate in this contest.

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