Inflation a Detriment to Modern Society


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What is inflation, first of all, and how is it affecting us? Inflation is the increase of price over a span of time and it is increasing the costs of everything dramatically. This then decreases our purchasing power, aka what we want and need to buy.

Inflation also makes interest rates higher and economic growth even slower. Right now inflation is on the increase, a popular topic among news articles today. The inflation rate in 2022 was 6.5% and in 2023, it’s projected to decrease to around 3.2% by the end of the year. But inflation is expected to rise around 3-4% in the next 5 years.

Not only does inflation affect us and America but it also affects the whole world. 8 out of 17 countries in the world consist of lower-income people and communities. Items such as food, clothing, bills, interest rates, rent payments, and many more things have increased in price, making it harder for people to buy things that they need in a day-to-day routine. An increase in inflation hurts and worsens lower-income/ middle-class families and households. House prices also increase because of the rise of inflation, which would help real estate.

Inflation is hurting everyone and making it nearly impossible to live from paycheck to paycheck. It’s no doubt that its impact on our society is severe and, unfortunately, not about to go away anytime soon.