Inflation is not only limited to food & beverage fat and oil costs have also gone up to 18.79 percent.Īccording to an official survey conducted by LocalCircles, it was found that the household expenses of about 92 percent of average Indian households have surpassed the usual expenses budget for the particular month.
The inflation of food & beverage, which was about 5.24 percent before, has alarmingly increased to about 7.47 percent. Retail inflation was at a 17-month high of 6.95 percent in march 2022. The global pandemic and the Russia and Ukraine war have affected the supply chain of commodities like crude oil, contributing to inflation. The rapid increase in consumer costs is due to soaring inflation. Impact of inflation on the household budgetįrom biscuits and oils to LPG and fuel, the cost of everyday items has increased a lot in the past few months. Increases in public spending, population growth, shortage, trade unions, etc., are some of the causes of inflation. Ultimately, consumers have no choice but to buy less and less. As the cost of everyday items increases, the home budget is affected. The rise in prices results in decreasing the purchasing power of the consumer.
In simple terms, inflation is an increase in the price of goods and services. Below we talk about the definition and the impact of inflation on household budgets. Rising inflation is a significant cause of concern and has increased the cost of living. Many Indian households struggle to fit everyday items into the housing budget amid the inflation crisis.
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