Cost of living refers to the cost associated with maintaining a certain lifestyle, which varies with places, persons, and even cities. On the other hand, inflation refers to an increase in the price levels of services and goods over time in an economy.
People’s wages in the UK have dropped to the lowest. The rate is the lowest in more than a decade. People are facing difficulties because with the current rate of wages they cannot deal with the ever-increasing inflation rate. It can be disastrous for a lot of working people. “People Should not ask for a pay rise,” is what has been proposed by the Bank of England, though the rate of inflation is likely to reach 9.1%.
Unfortunately, the wages are dropping and contrastingly the inflation rate is rising. This only means a lot of working people might face difficulties meeting their basic needs.
