essay on topic rising prices

Essay on Rising Prices in English for Students and Childrens

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Essay on Rising Prices/Price Hike in English for Children and Students

Essay on Rising Prices/Price Hike in English: Price rise or price hike are the terms used to denote rise in price of goods and services. The economic term for rising prices or price hike is “inflation”. Fluctuations in prices of goods and services are common in world economies; though, it directly affects the consumer. While a drop in prices is good news for middle and lower class consumers; an increase might cause financial constraints to them. A price hike in the items consumed daily in the households, affects the consumer more. Such items include, fruits, vegetables, oils, LPG Cylinders, etc. Every price hike on an individual item affects a specific set of consumers, like, a hike in fuel price; affect the transport industry more than private users.

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Long and Short Essay on Rising Prices/Price Hike in English

We are providing below long and short essay on rising prices or price hike in English.
These essays have been written in simple and easy to remember language to let you use them whenever required.
The rising prices or price hike essay will give you an insight of reasons and effects of price hike on general masses.
You can use these essays in your school assignments and various other competitions or general debates on the topic of rising price or price hike.

Essay on Price Hike in India and Common Man 200 words

Price hike is a common phenomenon and happens in most economies. It is a reality in India as well. However, this reality isn’t only because of the natural progress of economics but also because of governmental policies and taxation, all of which contribute to the price of goods and services that eventually reach the common man.

Price Hike and the Common Man

For the common man, a hike in prices is always a matter of some concern. He has to make constant readjustments to his monthly budget and even give up using certain products and services since he can no longer afford them. Add in the fact that salaries don’t increase at a commensurate rate and the ability of the common man to afford many things goes down significantly.

What is also a matter of concern is that when the price of certain items is hiked, prices of other essential goods and services also go up. For example, if the price of petrol or diesel is hiked, the common man has to adjust that in his budget. But this increase in prices also means increased prices for public transport and goods that are transported across the country using petrol or diesel fuelled transport. In other words, because the price of petrol increases, the price of vegetables and grains may also increase.

Essay on Rising Prices Inflation 250 words

When the prices of goods and commodities increase over a period of time in a sustained manner, the phenomenon is called inflation. It is measured in terms of an annual percentage change in a price index, which is normally the consumer price index. In simple terms, inflation means that your purchasing power is reduced and a rupee doesn’t go as far as it used to. Therefore, when the value of money goes down and prices rise, you have inflation.

Causes of Rising Prices Inflation

While academics and economists haven’t agreed on one particular theory about the cause of inflation, they generally agree that certain factors are responsible for it.

Demand Pull Inflation – As the name suggests, this happens when demand exceeds supply. There is an increase in demand for products and services and due to this increased demand, prices go up. The phenomenon is usually observed in economies that are experiencing rapid growth
Cost Push Inflation – This comes from the supply side. When a company’s cost of production increases, it compensates by increasing the prices of its goods and services, so that it can maintain its profit margin. Production costs can go up because the cost of the raw materials goes up or because of taxation or because of increased wages to its workers.
Monetary Inflation – As per this theory, when money is oversupplied in an economy, inflation occurs. Since money is also ruled by supply and demand, too much money circulating makes its value go down and therefore, prices go up.

Essay on Problems of Rising Prices – Essay 300 words

As a developing country with the second largest population in the world, India faces quite a few challenges. One of these is rising prices and it is by far the most immediate problem. Because a large part of the Indian population lives on or below the poverty line, this issue impacts them severely. In addition, the middle class is also facing greater problems because of prices rising.

What Rising Prices Do

It has commonly been held that price rises are a normal part of a growing economy. This is true to some extent. However, recent years have seen exponential hikes in prices – hikes that are affecting those Indians who were already at subsistence level. The number of people living below the poverty line is actually increasing instead of decreasing.

Another segment of society that is affected by rising prices is the middle class. A robust part of society, the middle class, now finds itself struggling to make ends meet. These are people who earn a fixed income; they are the salaried class. Unfortunately, their salaries are unable to keep up with the constant increases in prices of necessary goods and commodities. As a result, the gap between the haves and the have-nots increases day by day.

Whenever such a situation continues for some time, unrest is inevitable. As wage earners find themselves facing the problems price hikes bring, they start agitating against their employers. This, in turn, brings a halt to productivity, causing shortage of goods and commensurate rise in prices. The whole thing becomes a vicious circle.

Essay on Rising Prices/Price Hike of Essential Commodities 400 words

In India, certain commodities have been classified as essential commodities as per the Essential Commodities Act 1955. These commodities include but aren’t limited to oil cakes, cattle fodder, components of automobiles, coal, certain drugs, woollen and cotton textiles, edible oils, steel and iron, products manufactured from steel and iron, petroleum and its products, paper, food crops and raw cotton. These commodities are essential to both the population of the country and to its economy. Therefore, any shortfall can result in high prices quickly.

Rising Prices of Essential Commodities

Over the past few years, these essential commodities have seen price rises ranging from 72 percent to 158 percent. The hikes in price are caused by both the demand and the supply of these commodities.

India’s increasing population is one of the main factors in price hikes. The demand exceeds the supply by a huge margin and the demand keeps growing as the population increases. In addition, changing habits have increased the demand for certain commodities well beyond what can be supplied.

From a supply perspective, factors such as uncertain weather, lack of cold storage and lack of warehousing facilities play a huge role in pushing prices up. A very high percentage of vegetables and fruits wasted because of inadequate cold storage facilities, affecting supply and raising prices.

Commodities such as petroleum, which imported to a large extent, are subject to international prices. Therefore, the moment there is global shortage or global price hike, these commodities become dearer.

Artificial gaps in supply are created by unscrupulous operators such as black marketers, hoarders, and traditional traders. By holding back these commodities, they are able to create a bigger demand and thus, an increase in prices.

Since these commodities are essential, price hikes have both economic and political consequences. The price rises become part of the political agenda for opposition parties to attack the government. By doing this, they attempt to show solidarity with the common man. However, there is no doubt in the fact that it is the common man who is the one most deeply affected at the end of the day. Sweeping reforms needed to control hoarders and reform agriculture in a way that price hikes for essential commodities don’t hit the common man where it hurts most – his wallet.

Essay on Rising Prices/Price Hike Causes and its Effects 500 words

There is no denying the fact that the Indian economy is one of the world’s largest economies. It has recently superseded China as the fastest growing large economy and ranks third in Gross Domestic Product in terms of Purchasing Power Parity. While these statistics are good, the Indian economy is also facing many challenges, one of which is rising prices.

Causes of Rising Prices

The factors that cause prices to rise are twofold – internal and external.

Global inflation is an external cause of price rise. When the prices of certain goods abroad are higher, importing these goods costs more. This increased cost passed on to the consumer directly and indirectly. For example, when oil prices rise globally, it becomes more expensive to import oil. In turn, this affects the prices of oil products such as petroleum and diesel in our country. The consumer then has to pay higher prices to get these products. Since these are products that used in transportation, costs of goods transported also increase. Therefore, goods such as foodstuffs and other necessities also become more expensive.

These are factors that caused by the economic and political situations inside the country. There are various internal factors that cause a hike in prices. Some of them are:

Rapid Population Growth

An increasing population demands an increasing amount of goods. Demand increases and supply can’t keep up, thus driving the prices higher.

Income Increase

As the purchasing power of the population increases, the demand for goods and services also increases. Again, the demand outstrips the supply and prices go up.

Insufficient Agricultural Output

Thanks to a growing population and increase in purchasing power, the demand for agricultural goods has increased. However, because this sector has neglected to a significant degree, it cannot keep up with the demand. A drought or a flood is enough to disrupt supply and increase prices.

Insufficient Industrial Production

The industrial sector has fared better at the hands of the government. However, industrial growth rate has only increased in the last 30 or so years. Therefore, certain industrial products such as basic consumer products and agricultural and industrial inputs have not been able to keep up with the demand which has resulted in a price hike.

Essay on Rising Prices/Price Hike Effects

An increase in prices inevitably affects the lives of the general population. When the prices of basic goods such as food increase, people who are living just above the subsistence level slip down below the poverty line. It also affects the pockets of the population that has fixed incomes. Prices go up but their wages remain the same and, therefore, they either forced to spend more or give up certain goods entirely. The rich not really affected by the price rise and therefore, the gap between the rich and the poor widens almost daily.

Essay on Rising Prices FAQs

What is the rising of prices.

Rising of prices, often referred to as inflation, is when the general level of prices for goods and services in an economy increases over a period, resulting in a decrease in the purchasing power of currency.

What are the problems of rising prices?

Problems associated with rising prices include reduced purchasing power for consumers, increased production costs for businesses, and potential economic instability.

What is the reason for the price increase?

Price increases can be caused by factors such as increased demand, supply shortages, changes in production costs, or monetary policies affecting the money supply.

Why prices are rising in India?

Prices can rise in India due to a variety of factors, including increased demand for goods and services, supply chain disruptions, rising production costs, and fluctuations in global commodity prices.

What is the problem of price rise in India?

The problem of price rise in India can lead to reduced affordability of essential goods and services, potentially impacting the standard of living for many people.

What are the effects of price rise in India?

The effects of price rise in India can include decreased purchasing power, reduced savings, and challenges in maintaining a stable economy and addressing poverty and inequality.

Here's how rising inflation is affecting us around the world

Produce is sold in a food market, in Havana, Cuba.

Costing us dearly ... people around the world are feeling the squeeze as the prices rise. Image: REUTERS/Natalia Favre

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Stay up to date:.

Inflation is pushing up the prices of essential goods such as food, transport and utilities.
More than two-thirds of people around the world are feeling the squeeze, according to new research.
As the cost of living rises, the poorest in society are suffering most.

Ipsos surveyed over 20,000 people in 30 countries and found that at least half also reported increases in the cost of clothing and shoes, housing, healthcare and entertainment. Two-fifths of respondents expected prices to continue rising for at least the next three months.

Experts say the price of oil is a major driver of inflation because it is used to make and deliver goods.

But shortages of raw materials and finished products caused by the economic recovery after lockdowns have also been blamed.

Around the world, seven out of 10 people in the Ipsos survey said they had experienced rising prices for vehicle fuel, car payments, maintenance, parking and public transport, as well as groceries, meals and restaurants.

Have you read?

Global food prices are at a level not seen for most of modern history - this is why, this is how inflation rates are increasing around the world, this is what the world is worrying about right now.

Perceived cost increase for various categories.

Two-thirds said they had seen their utility costs go up - including electricity, gas, water, phone and internet charges. While 55% said clothing and shoes were more expensive, 51% reported higher housing, medical and healthcare pricing and 49% said entertainment had become more costly.

Inflation is toughest on the poorest people in society, the US Congress Joint Economic Committee confirmed in a November 2021 report . The lowest-earning 20% of US households spend 4.5 times more of their income on housing and food and 3.5 times more on transportation than those in the top 20%, it said.

Reporting rising prices

The nation with the greatest number of people worried about rising inflation was Argentina where the official annual inflation rate hit 52.5% in October 2021, according to Reuters .

Perceived cost increase for average of seven categories by country.

The nations where fewest people reported rising prices were Japan, where consumer price inflation was 0.1% in October, and China, where the same month’s figure was 1.5% .

Expected increase in household spending.

Fears about continuing price rises were strongest among women and under-35s , according to Ipsos, with upper-income groups expressing the most concern.

Data from international organizations bears out many of the perceptions revealed in the survey. The UN Food and Agriculture Organization says global food prices rose by 27.3% in the 12 months to November 2021 .

The first global pandemic in more than 100 years, COVID-19 has spread throughout the world at an unprecedented speed. At the time of writing, 4.5 million cases have been confirmed and more than 300,000 people have died due to the virus.

As countries seek to recover, some of the more long-term economic, business, environmental, societal and technological challenges and opportunities are just beginning to become visible.

To help all stakeholders – communities, governments, businesses and individuals understand the emerging risks and follow-on effects generated by the impact of the coronavirus pandemic, the World Economic Forum, in collaboration with Marsh and McLennan and Zurich Insurance Group, has launched its COVID-19 Risks Outlook: A Preliminary Mapping and its Implications - a companion for decision-makers, building on the Forum’s annual Global Risks Report.

Companies are invited to join the Forum’s work to help manage the identified emerging risks of COVID-19 across industries to shape a better future. Read the full COVID-19 Risks Outlook: A Preliminary Mapping and its Implications report here , and our impact story with further information.

Future outlook for inflation

The Organization for Economic Cooperation and Development says inflation in its 38 member states will reach 5.21% at the end of 2021 and, in the US, inflation hit a 30-year high of 6.2% in November 2021 .

But what about the year ahead? The International Monetary Fund says it expects global inflation to fall back in 2022 once the effects of steep rises in sectors like energy have worked through the figures.

However, contributors to the World Economic Forum’s Chief Economists’ Outlook in November 2021 disagreed about whether inflation would prove temporary or become a major headache for the global economy in 2022.

But they added a warning that in lower- and middle-income countries with less stable central banks, price pressures had been building more quickly throughout 2021 and were “at a greater risk of getting out of hand”.

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License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

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Essay on Inflation: Types, Causes and Effects

Essay on Inflation!

Essay on the Meaning of Inflation:

Inflation and unemployment are the two most talked-about words in the contemporary society. These two are the big problems that plague all the economies. Almost everyone is sure that he knows what inflation exactly is, but it remains a source of great deal of confusion because it is difficult to define it unambiguously.

Inflation is often defined in terms of its supposed causes. Inflation exists when money supply exceeds available goods and services. Or inflation is attributed to budget deficit financing. A deficit budget may be financed by additional money creation. But the situation of monetary expansion or budget deficit may not cause price level to rise. Hence the difficulty of defining ‘inflation’ .

Inflation may be defined as ‘a sustained upward trend in the general level of prices’ and not the price of only one or two goods. G. Ackley defined inflation as ‘a persistent and appreciable rise in the general level or average of prices’ . In other words, inflation is a state of rising price level, but not rise in the price level. It is not high prices but rising prices that constitute inflation.

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It is an increase in the overall price level. A small rise in prices or a sudden rise in prices is not inflation since these may reflect the short term workings of the market. It is to be pointed out here that inflation is a state of disequilibrium when there occurs a sustained rise in price level.

It is inflation if the prices of most goods go up. However, it is difficult to detect whether there is an upward trend in prices and whether this trend is sustained. That is why inflation is difficult to define in an unambiguous sense.

Let’s measure inflation rate. Suppose, in December 2007, the consumer price index was 193.6 and, in December 2008 it was 223.8. Thus the inflation rate during the last one year was 223.8 – 193.6/193.6 × 100 = 15.6%.

As inflation is a state of rising prices, deflation may be defined as a state of falling prices but not fall in prices. Deflation is, thus, the opposite of inflation, i.e., rise in the value or purchasing power of money. Disinflation is a slowing down of the rate of inflation.

Essay on the Types of Inflation :

As the nature of inflation is not uniform in an economy for all the time, it is wise to distinguish between different types of inflation. Such analysis is useful to study the distributional and other effects of inflation as well as to recommend anti-inflationary policies.

Inflation may be caused by a variety of factors. Its intensity or pace may be different at different times. It may also be classified in accordance with the reactions of the government toward inflation.

Thus, one may observe different types of inflation in the contemporary society:

(a) According to Causes:

i. Currency Inflation:

This type of inflation is caused by the printing of currency notes.

ii. Credit Inflation:

Being profit-making institutions, commercial banks sanction more loans and advances to the public than what the economy needs. Such credit expansion leads to a rise in price level.

iii. Deficit-Induced Inflation:

The budget of the government reflects a deficit when expenditure exceeds revenue. To meet this gap, the government may ask the central bank to print additional money. Since pumping of additional money is required to meet the budget deficit, any price rise may be called deficit-induced inflation.

iv. Demand-Pull Inflation:

An increase in aggregate demand over the available output leads to a rise in the price level. Such inflation is called demand-pull inflation (henceforth DPI). But why does aggregate demand rise? Classical economists attribute this rise in aggregate demand to money supply.

If the supply of money in an economy exceeds the available goods and services, DPI appears. It has been described by Coulborn as a situation of “too much money chasing too few goods” .

Note that, in this region, price level begins to rise. Ultimately, the economy reaches full employment situation, i.e., Range 3, where output does not rise but price level is pulled upward. This is demand-pull inflation. The essence of this type of inflation is “too much spending chasing too few goods.”

v. Cost-Push Inflation:

Inflation in an economy may arise from the overall increase in the cost of production. This type of inflation is known as cost-push inflation (henceforth CPI). Cost of production may rise due to increase in the price of raw materials, wages, etc. Often trade unions are blamed for wage rise since wage rate is not market-determined. Higher wage means higher cost of production.

Prices of commodities are thereby increased. A wage-price spiral comes into operation. But, at the same time, firms are to be blamed also for the price rise since they simply raise prices to expand their profit margins. Thus we have two important variants of CPI: wage-push inflation and profit-push inflation. Anyway, CPI stems from the leftward shift of the aggregate supply curve.

The price level thus determined is OP 1 . As aggregate demand curve shifts to AD 2 , price level rises to OP 2 . Thus, an increase in aggregate demand at the full employment stage leads to an increase in price level only, rather than the level of output. However, how much price level will rise following an increase in aggregate demand depends on the slope of the AS curve.

Causes of Demand-Pull Inflation :

DPI originates in the monetary sector. Monetarists’ argument that “only money matters” is based on the assumption that at or near full employment, excessive money supply will increase aggregate demand and will thus cause inflation.

An increase in nominal money supply shifts aggregate demand curve rightward. This enables people to hold excess cash balances. Spending of excess cash balances by them causes price level to rise. Price level will continue to rise until aggregate demand equals aggregate supply.

Keynesians argue that inflation originates in the non-monetary sector or the real sector. Aggregate demand may rise if there is an increase in consumption expenditure following a tax cut. There may be an autonomous increase in business investment or government expenditure. Governmental expenditure is inflationary if the needed money is procured by the government by printing additional money.

In brief, an increase in aggregate demand i.e., increase in (C + I + G + X – M) causes price level to rise. However, aggregate demand may rise following an increase in money supply generated by the printing of additional money (classical argument) which drives prices upward. Thus, money plays a vital role. That is why Milton Friedman believes that inflation is always and everywhere a monetary phenomenon.

There are other reasons that may push aggregate demand and, hence, price level upwards. For instance, growth of population stimulates aggregate demand. Higher export earnings increase the purchasing power of the exporting countries.

Additional purchasing power means additional aggregate demand. Purchasing power and, hence, aggregate demand, may also go up if government repays public debt. Again, there is a tendency on the part of the holders of black money to spend on conspicuous consumption goods. Such tendency fuels inflationary fire. Thus, DPI is caused by a variety of factors.

Cost-Push Inflation Theory :

In addition to aggregate demand, aggregate supply also generates inflationary process. As inflation is caused by a leftward shift of the aggregate supply, we call it CPI. CPI is usually associated with the non-monetary factors. CPI arises due to the increase in cost of production. Cost of production may rise due to a rise in the cost of raw materials or increase in wages.

Such increases in costs are passed on to consumers by firms by raising the prices of the products. Rising wages lead to rising costs. Rising costs lead to rising prices. And rising prices, again, prompt trade unions to demand higher wages. Thus, an inflationary wage-price spiral starts.

This causes aggregate supply curve to shift leftward. This can be demonstrated graphically (Fig. 11.4) where AS 1 is the initial aggregate supply curve. Below the full employment stage this AS curve is positive sloping and at full employment stage it becomes perfectly inelastic. Intersection point (E 1 ) of AD 1 and AS 1 curves determines the price level.

Now, there is a leftward shift of aggregate supply curve to AS 2 . With no change in aggregate demand, this causes price level to rise to OP 2 and output to fall to OY 2 .

With the reduction in output, employment in the economy declines or unemployment rises. Further shift in the AS curve to AS 2 results in higher price level (OP 3 ) and a lower volume of aggregate output (OY 3 ). Thus, CPI may arise even below the full employment (Y f ) stage.

Causes of CPI :

It is the cost factors that pull the prices upward. One of the important causes of price rise is the rise in price of raw materials. For instance, by an administrative order the government may hike the price of petrol or diesel or freight rate. Firms buy these inputs now at a higher price. This leads to an upward pressure on cost of production.

Not only this, CPI is often imported from outside the economy. Increase in the price of petrol by OPEC compels the government to increase the price of petrol and diesel. These two important raw materials are needed by every sector, especially the transport sector. As a result, transport costs go up resulting in higher general price level.

Again, CPI may be induced by wage-push inflation or profit-push inflation. Trade unions demand higher money wages as a compensation against inflationary price rise. If increase in money wages exceeds labour productivity, aggregate supply will shift upward and leftward. Firms often exercise power by pushing up prices independently of consumer demand to expand their profit margins.

Fiscal policy changes, such as an increase in tax rates leads to an upward pressure in cost of production. For instance, an overall increase in excise tax of mass consumption goods is definitely inflationary. That is why government is then accused of causing inflation.

Finally, production setbacks may result in decreases in output. Natural disaster, exhaustion of natural resources, work stoppages, electric power cuts, etc., may cause aggregate output to decline.

In the midst of this output reduction, artificial scarcity of any goods by traders and hoarders just simply ignite the situation.

Inefficiency, corruption, mismanagement of the economy may also be the other reasons. Thus, inflation is caused by the interplay of various factors. A particular factor cannot be held responsible for inflationary price rise.

Essay on the Effects of Inflation :

People’s desires are inconsistent. When they act as buyers they want prices of goods and services to remain stable but as sellers they expect the prices of goods and services should go up. Such a happy outcome may arise for some individuals; “but, when this happens, others will be getting the worst of both worlds.” Since inflation reduces purchasing power it is bad.

The old people are in the habit of recalling the days when the price of say, meat per kilogram cost just 10 rupees. Today it is Rs. 250 per kilogram. This is true for all other commodities. When they enjoyed a better living standard. Imagine today, how worse we are! But meanwhile, wages and salaries of people have risen to a great height, compared to the ‘good old days’. This goes unusually untold.

When price level goes up, there is both a gainer and a loser. To evaluate the consequence of inflation, one must identify the nature of inflation which may be anticipated and unanticipated. If inflation is anticipated, people can adjust with the new situation and costs of inflation to the society will be smaller.

In reality, people cannot predict accurately future events or people often make mistakes in predicting the course of inflation. In other words, inflation may be unanticipated when people fail to adjust completely. This creates various problems.

One can study the effects of unanticipated inflation under two broad headings:

(i) Effect on distribution of income and wealth

(ii) Effect on economic growth.

(a) Effects of Inflation on Income and Wealth Distribution :

During inflation, usually people experience rise in incomes. But some people gain during inflation at the expense of others. Some individuals gain because their money incomes rise more rapidly than the prices and some lose because prices rise more rapidly than their incomes during inflation. Thus, it redistributes income and wealth.

Though no conclusive evidence can be cited, it can be asserted that following categories of people are affected by inflation differently:

i. Creditors and Debtors:

Borrowers gain and lenders lose during inflation because debts are fixed in rupee terms. When debts are repaid their real value declines by the price level increase and, hence, creditors lose. An individual may be interested in buying a house by taking a loan of Rs. 7 lakh from an institution for 7 years.

The borrower now welcomes inflation since he will have to pay less in real terms than when it was borrowed. Lender, in the process, loses since the rate of interest payable remains unaltered as per agreement. Because of inflation, the borrower is given ‘dear’ rupees, but pays back ‘cheap’ rupees.

However, if in an inflation-ridden economy creditors chronically loose, it is wise not to advance loans or to shut down business. Never does it happen. Rather, the loan- giving institution makes adequate safeguard against the erosion of real value.

ii. Bond and Debenture-Holders:

In an economy, there are some people who live on interest income—they suffer most.

Bondholders earn fixed interest income:

These people suffer a reduction in real income when prices rise. In other words, the value of one’s savings decline if the interest rate falls short of inflation rate. Similarly, beneficiaries from life insurance programmes are also hit badly by inflation since real value of savings deteriorate.

iii. Investors:

People who put their money in shares during inflation are expected to gain since the possibility of earning business profit brightens. Higher profit induces owners of firms to distribute profit among investors or shareholders.

iv. Salaried People and Wage-Earners:

Anyone earning a fixed income is damaged by inflation. Sometimes, unionized worker succeeds in raising wage rates of white-collar workers as a compensation against price rise. But wage rate changes with a long time lag. In other words, wage rate increases always lag behind price increases.

Naturally, inflation results in a reduction in real purchasing power of fixed income earners. On the other hand, people earning flexible incomes may gain during inflation. The nominal incomes of such people outstrip the general price rise. As a result, real incomes of this income group increase.

v. Profit-Earners, Speculators and Black Marketeers:

It is argued that profit-earners gain from inflation. Profit tends to rise during inflation. Seeing inflation, businessmen raise the prices of their products. This results in a bigger profit. Profit margin, however, may not be high when the rate of inflation climbs to a high level.

However, speculators dealing in business in essential commodities usually stand to gain by inflation. Black marketeers are also benefited by inflation.

Thus, there occurs a redistribution of income and wealth. It is said that rich becomes richer and poor becomes poorer during inflation. However, no such hard and fast generalizations can be made. It is clear that someone wins and someone loses from inflation.

These effects of inflation may persist if inflation is unanticipated. However, the redistributive burdens of inflation on income and wealth are most likely to be minimal if inflation is anticipated by the people.

With anticipated inflation, people can build up their strategies to cope with inflation. If the annual rate of inflation in an economy is anticipated correctly people will try to protect them against losses resulting from inflation.

Workers will demand 10 p.c. wage increase if inflation is expected to rise by 10 p.c. Similarly, a percentage of inflation premium will be demanded by creditors from debtors. Business firms will also fix prices of their products in accordance with the anticipated price rise. Now if the entire society “learns to live with inflation” , the redistributive effect of inflation will be minimal.

However, it is difficult to anticipate properly every episode of inflation. Further, even if it is anticipated it cannot be perfect. In addition, adjustment with the new expected inflationary conditions may not be possible for all categories of people. Thus, adverse redistributive effects are likely to occur.

Finally, anticipated inflation may also be costly to the society. If people’s expectation regarding future price rise become stronger they will hold less liquid money. Mere holding of cash balances during inflation is unwise since its real value declines. That is why people use their money balances in buying real estate, gold, jewellery, etc.

Such investment is referred to as unproductive investment. Thus, during inflation of anticipated variety, there occurs a diversion of resources from priority to non-priority or unproductive sectors.

b. Effect on Production and Economic Growth :

Inflation may or may not result in higher output. Below the full employment stage, inflation has a favourable effect on production. In general, profit is a rising function of the price level. An inflationary situation gives an incentive to businessmen to raise prices of their products so as to earn higher doses of profit.

Rising price and rising profit encourage firms to make larger investments. As a result, the multiplier effect of investment will come into operation resulting in higher national output. However, such a favourable effect of inflation will be temporary if wages and production costs rise very rapidly.

Further, inflationary situation may be associated with the fall in output, particularly if inflation is of the cost-push variety. Thus, there is no strict relationship between prices and output. An increase in aggregate demand will increase both prices and output, but a supply shock will raise prices and lower output.

Inflation may also lower down further production levels. It is commonly assumed that if inflationary tendencies nurtured by experienced inflation persist in future, people will now save less and consume more. Rising saving propensities will result in lower further outputs.

One may also argue that inflation creates an air of uncertainty in the minds of business community, particularly when the rate of inflation fluctuates. In the midst of rising inflationary trend, firms cannot accurately estimate their costs and revenues. Under the circumstance, business firms may be deterred in investing. This will adversely affect the growth performance of the economy.

However, slight dose of inflation is necessary for economic growth. Mild inflation has an encouraging effect on national output. But it is difficult to make the price rise of a creeping variety. High rate of inflation acts as a disincentive to long run economic growth. The way the hyperinflation affects economic growth is summed up here.

We know that hyperinflation discourages savings. A fall in savings means a lower rate of capital formation. A low rate of capital formation hinders economic growth. Further, during excessive price rise, there occurs an increase in unproductive investment in real estate, gold, jewellery, etc.

Above all, speculative businesses flourish during inflation resulting in artificial scarcities and, hence, further rise in prices. Again, following hyperinflation, export earnings decline resulting in a wide imbalance in the balance of payments account.

Often, galloping inflation results in a ‘flight’ of capital to foreign countries since people lose confidence and faith over the monetary arrangements of the country, thereby resulting in a scarcity of resources. Finally, real value of tax revenue also declines under the impact of hyperinflation. Government then experiences a shortfall in investible resources.

Thus, economists and policy makers are unanimous regarding the dangers of high price rise. But the consequence of hyperinflation is disastrous. In the past, some of the world economies (e.g., Germany after the First World War (1914-1918), Latin American countries in the 1980s) had been greatly ravaged by hyperinflation.

The German Inflation of 1920s was also Catastrophic:

During 1922, the German price level went up 5,470 per cent, in 1923, the situation worsened; the German price level rose 1,300,000,000 times. By October of 1923, the postage of the lightest letter sent from Germany to the United States was 200,000 marks.

Butter cost 1.5 million marks per pound, meat 2 million marks, a loaf of bread 200,000 marks, and an egg 60,000 marks Prices increased so rapidly that waiters changed the prices on the menu several times during the course of a lunch!! Sometimes, customers had to pay double the price listed on the menu when they observed it first!!!

During October 2008, Zimbabwe, under the President-ship of Robert G. Mugabe, experienced 231,000,000 p.c. (2.31 million p.c.) as against 1.2 million p.c. price rise in September 2008—a record after 1923. It is an unbelievable rate. In May 2008, the cost of price of a toilet paper itself and not the costs of the roll of the toilet paper came to 417 Zimbabwean dollars.

Anyway, people are harassed ultimately by the high rate of inflation. That is why it is said that ‘inflation is our public enemy number one’. Rising inflation rate is a sign of failure on the part of the government.

Essay on the Causes of Inflation (473 Words)
Cost-Push Inflation and Demand-Pull or Mixed Inflation
Demand Pull Inflation and Cost Push Inflation | Money
Essay on Inflation: Meaning, Measurement and Causes

What is inflation?

Inflation refers to a broad rise in the prices of goods and services across the economy over time, eroding purchasing power for both consumers and businesses. In other words, your dollar (or whatever currency you use for purchases) will not go as far today as it did yesterday. To understand the effects of inflation, take a commonly consumed item and compare its price from one period with another. For example, in 1970, the average cup of coffee cost 25 cents; by 2019, it had climbed to $1.59. So for $5, you would have been able to buy about three cups of coffee in 2019, versus 20 cups in 1970. That’s inflation, and it isn’t limited to price spikes for any single item or service; it refers to increases in prices across a sector, such as retail or automotive—and, ultimately, a country’s economy.

Get to know and directly engage with senior McKinsey experts on inflation.

Ondrej Burkacky is a senior partner in McKinsey’s Munich office, Axel Karlsson is a senior partner in the Stockholm office, Fernando Perez is a senior partner in the Miami office, Emily Reasor is a senior partner in the Denver office, and Daniel Swan is a senior partner in the Stamford office.

In a healthy economy, annual inflation is typically in the range of two percentage points, which is what economists consider a signal of pricing stability. And there can be positive effects of inflation when it’s within range: for instance, it can stimulate spending, and thus spur demand and productivity, when the economy is slowing down and needs a boost. Conversely, when inflation begins to surpass wage growth, it can be a warning sign of a struggling economy.

Inflation affects consumers most directly, but businesses can also feel the impact. Here’s a quick explanation of the differences in how inflation affects consumers and companies:

Households, or consumers, lose purchasing power when the prices of items they buy, such as food, utilities, and gasoline, increase.
Companies lose purchasing power, and risk seeing their margins decline , when prices increase for inputs used in production, such as raw materials like coal and crude oil , intermediate products such as flour and steel, and finished machinery. In response, companies typically raise the prices of their products or services to offset inflation, meaning consumers absorb these price increases. For many companies, the trick is to strike a balance between raising prices to make up for input cost increases while simultaneously ensuring that they don’t rise so much that it suppresses demand, which is touched on later in this article.

How is inflation measured?

Statistical agencies measure inflation by first determining the current value of a “basket” of various goods and services consumed by households, referred to as a price index. To calculate the rate of inflation, or percentage change, over time, agencies compare the value of the index over one period to another, such as month to month, which gives a monthly rate of inflation, or year to year, which gives an annual rate of inflation.

For example, in the United States, that country’s Bureau of Labor Statistics publishes its Consumer Price Index (CPI), which measures the cost of items that urban consumers buy out of pocket. The CPI is broken down by regions and is reported for the country as a whole. The Personal Consumption Expenditures (PCE) price index —published by the US government’s Bureau of Economic Analysis—takes into account a broader range of consumers’ expenditures, including healthcare. It is also weighted by data acquired through business surveys.

Circular, white maze filled with white semicircles.

Introducing McKinsey Explainers : Direct answers to complex questions

What are the main causes of inflation.

There are two primary types, or causes, of inflation:

Demand-pull inflation occurs when the demand for goods and services in the economy exceeds the economy’s ability to produce them. For example, when demand for new cars recovered more quickly than anticipated from its sharp dip at the beginning of the COVID-19 pandemic, an intervening shortage in the supply of semiconductors made it hard for the automotive industry to keep up with this renewed demand. The subsequent shortage of new vehicles resulted in a spike in prices for new and used cars.
Cost-push inflation occurs when the rising price of input goods and services increases the price of final goods and services. For example, commodity prices spiked sharply during the pandemic as a result of radical shifts in demand, buying patterns, cost to serve, and perceived value across sectors and value chains. To offset inflation and minimize impact on financial performance, industrial companies were forced to consider price increases that would be passed on to their end consumers.

Learn more about McKinsey's Pricing practice.

How does inflation today differ from historical inflation?

In January 2022, inflation in the United States accelerated to 7.5 percent, its highest level since February 1982, as a result of soaring energy costs , labor mismatches , and supply disruptions . But inflation is not a new phenomenon; countries have weathered inflation throughout history.

A common comparison to the current inflationary period is with that of the post–World War II era , when price controls, supply problems, and extraordinary demand fueled double-digit inflation gains—peaking at 20 percent in 1947—before subsiding at the end of the decade, according to the US Bureau of Labor Statistics. Consumption patterns today have been similarly distorted, and supply chains have been disrupted by the pandemic.

The period from the mid-1960s through the early 1980s, sometimes called “The Great Inflation,” saw some of the highest rates of inflation, with a peak of 14.8 percent in 1980. To combat this inflation, the Federal Reserve raised interest rates to nearly 20 percent. Some economists attribute this episode partially to monetary policy mistakes rather than to other purported causes, such as high oil prices. The Great Inflation signaled the need for public trust in the Federal Reserve’s ability to lessen inflationary pressures.

How does inflation affect pricing?

When inflation occurs, companies typically pay more for input materials . One way for companies to offset losses and maintain gross margins is by raising prices for consumers, but if price increases are not executed thoughtfully, companies can damage customer relationships, depress sales, and hurt margins. An exposure matrix that assesses which categories are exposed to market forces, and whether the market is inflating or deflating, can help companies make more informed decisions.

Done the right way, recovering the cost of inflation for a given product can strengthen relationships and overall margins. There are five steps companies can take to ADAPT (Adjust, Develop, Accelerate, Plan, and Track) to inflation:

Adjust discounting and promotions and revisit other aspects of sales unrelated to the base price, such as lengthened production schedules or surcharges and delivery fees for rush or low-volume orders.
Develop the art and science of price change . Don’t make across-the-board price changes; rather, tailor pricing actions to account for inflation exposure, customer willingness to pay, and product attributes.
Accelerate decision making tenfold . Establish an “inflation council” that includes dedicated cross-functional, inflation-focused decision makers who can act nimbly and quickly on customer feedback.
Plan options beyond pricing to reduce costs . Use “value engineering” to reimagine your portfolio and provide cost-reducing alternatives to price increases.
Track execution relentlessly . Create a central supporting team to address revenue leakage and to manage performance rigorously.

Beyond pricing, a variety of commercial and technical levers can help companies deal with price increases in an inflationary market , but other sectors may require a more tailored response to pricing. In the chemicals industry, for instance, category managers contending with soaring prices of commodities can make the following five moves to save their companies money:

Gain a full understanding of supply–market dynamics and outlook . Understand and track the elements that trigger price increases and rescind these increases once those drivers are no longer applicable.
Ensure that suppliers can clearly articulate the impact that price increases in the market have on suppliers’ prices . In times of upward price pressure, sellers often overstate the share of raw materials in input costs, taking the opportunity to inflate their margins. Using cleansheet methodology to identify and challenge these situations is important.
View unavoidable price increases as temporary surcharges, not the new future state . This mechanism, partly psychological in nature, is very effective in dealing with the stickiness of price increases because it shifts the burden of proof to the supplier.
Prioritize cross-functional initiatives . When prices are high, the impact of yield improvements, waste reduction, or substitutions can be amplified. If any are available, now is the time to make them a priority.
Work with sales to pass on price increases . Category managers work closely with finance and commercial teams to shed light on pure market effects and their impact on the prices of goods sold, while ensuring that the right arguments are advanced to pass market-price increases to customers.

Learn more about our Financial Services , Advanced Electronics , Operations , and Growth, Marketing & Sales practices.

What is the difference between inflation and deflation?

If inflation is one extreme of the pricing spectrum, deflation is the other. Deflation occurs when the overall level of prices in an economy declines and the purchasing power of currency increases. It can be driven by growth in productivity and the abundance of goods and services, by a decrease in aggregate demand, or by a decline in the supply of money and credit.

Generally, moderate deflation positively affects consumers’ pocketbooks, as they are able to purchase more with less money. However, deflation can be a sign of a weakening economy, leading to recessions and depressions. While inflation reduces purchasing power, it also reduces the value of debt. During a period of deflation, on the other hand, debt becomes more expensive. Additionally, consumers can protect themselves to an extent during periods of inflation. For instance, consumers who have allocated their money into investments can see their earnings grow faster than the rate of inflation. During episodes of deflation, however, investments, such as stocks, corporate bonds, and real-estate investments, become riskier.

A recent period of deflation in the United States occurred between 2007 and 2008, referred to by economists as the Great Recession. In December 2008, more than half of executives surveyed by McKinsey expected deflation in their countries, and 44 percent expected to decrease the size of their workforces.

When taken to their extremes, both inflation and deflation can significantly and negatively affect consumers, businesses, and investors.

For more in-depth exploration of these topics, see McKinsey’s Operations Insights collection. Learn more about Operations consulting , and check out operations-related job opportunities if you’re interested in working at McKinsey.

Articles referenced include:

“ How business operations can respond to price increases: A CEO guide ,” March 11, 2022, Andreas Behrendt , Axel Karlsson , Tarek Kasah, and Daniel Swan
“ Five ways to ADAPT pricing to inflation ,” February 25, 2022, Alex Abdelnour , Eric Bykowsky, Jesse Nading, Emily Reasor , and Ankit Sood
“ How COVID-19 is reshaping supply chains ,” November 23, 2021, Knut Alicke , Ed Barriball , and Vera Trautwein
“ Navigating the labor mismatch in US logistics and supply chains ,” December 10, 2021, Dilip Bhattacharjee , Felipe Bustamante, Andrew Curley, and Fernando Perez
“ Coping with the auto-semiconductor shortage: Strategies for success ,” May 27, 2021, Ondrej Burkacky , Stephanie Lingemann, and Klaus Pototzky

Want to know more about inflation?

What is supply chain?

How business operations can respond to price increases: A CEO guide

Five ways to ADAPT pricing to inflation

Short Essay: Rising Prices

A couple of short essay examples on rising prices.

Table of Contents

Rising Prices Essay Example 1

Rising prices have become a significant concern for consumers and businesses alike. The cost of goods and services has been increasing rapidly, making it difficult for those with lower incomes to afford basic necessities. In this essay, we will explore the causes of rising prices, the impact it has on consumers and the economy, and what can be done to address this issue.

One of the primary factors that contribute to rising prices is inflation. Inflation occurs when the general level of prices for goods and services increases over time. This can happen when there is too much money in circulation, leading to an increase in demand for goods and services, which in turn drives up prices.

Another factor that contributes to rising prices is supply chain disruptions. This can happen when there is a shortage of raw materials, transportation issues or natural disasters that prevent goods from reaching their intended destinations. These disruptions can lead to a decrease in supply and an increase in prices.

Lastly, changes in consumer behavior can also contribute to rising prices. For example, if consumers suddenly start buying a particular product in large quantities, it can lead to a shortage of that product, which in turn drives up prices.

Rising prices can have negative effects on consumers, particularly those with lower incomes. When the cost of basic necessities like food and housing increases, it can be difficult for low-income families to make ends meet. This can lead to increased poverty and a decline in the standard of living.

Moreover, rising prices can also have an impact on businesses. Higher prices can lead to a decrease in demand for products and services, resulting in lower profits for businesses. This can lead to layoffs, reduced investment, and a decline in overall economic growth.

To address the issue of rising prices, governments can implement policies such as price controls or subsidies. Price controls limit the amount that businesses can charge for goods and services, while subsidies provide financial assistance to businesses to help them offset the cost of production.

Another way to address the issue of rising prices is to increase the supply of goods and services. Governments can invest in infrastructure projects to improve transportation and communication networks, which can help to reduce supply chain disruptions. Additionally, governments can encourage businesses to invest in research and development to create new products and increase competition in the marketplace.

In conclusion, rising prices are a complex issue with far-reaching consequences. While there are no easy solutions, governments and businesses must work together to address this issue. Through thoughtful policies and investments, we can help to ensure that goods and services remain affordable for all, and that our economy remains strong and stable.

Rising Prices Essay Example 2

Rising prices have become a significant concern for individuals and businesses worldwide. The increase in prices can be attributed to various factors, such as inflation, supply and demand imbalances, and changes in government policies. This essay will explore the causes and effects of rising prices and provide strategies for managing them.

One of the main causes of rising prices is inflation. Inflation occurs when the general level of prices in an economy increases, resulting in a decrease in the purchasing power of money. This can lead to a rise in the cost of goods and services, making it difficult for individuals and businesses to afford them. In addition, supply and demand imbalances can also contribute to rising prices. For instance, if demand for a particular product increases, and its supply remains constant, the price will go up. Similarly, if supply increases, and the demand remains constant, the price will go down. Finally, changes in government policies, such as taxes and tariffs, can also affect prices. For example, if the government imposes a tax on a particular product, the price of that product will increase.

The impact of rising prices can be felt by individuals and businesses alike. For individuals, rising prices can lead to a decrease in purchasing power, making it difficult to afford basic necessities such as food, housing, and healthcare. This can also result in a decrease in the standard of living. For businesses, rising prices can lead to reduced profitability, making it difficult to invest in new projects or expand operations. In addition, businesses may be forced to pass on the increased costs to consumers, resulting in a decrease in demand for their products or services.

To manage rising prices, individuals and businesses can adopt various strategies. For instance, budgeting can help individuals identify areas where they can cut costs and prioritize their spending. Seeking out lower-cost alternatives, such as generic brands or second-hand goods, can also help reduce expenses. Businesses can also explore ways to reduce costs, such as outsourcing or implementing cost-saving measures. Finally, individuals and businesses can advocate for policy changes that address underlying causes of rising prices, such as inflation or supply and demand imbalances.

Rising prices have become a significant concern for individuals and businesses worldwide. The increase in prices can be caused by various factors, such as inflation, supply and demand imbalances, and changes in government policies. The impact of rising prices can be felt by individuals and businesses, leading to decreased purchasing power and reduced profitability. Strategies for managing rising prices may include budgeting, seeking out lower-cost alternatives, and advocating for policy changes that address underlying causes. By adopting these strategies, individuals and businesses can mitigate the effects of rising prices and maintain their financial stability.

Rising Prices Essay Example 3

Rising prices have become a major concern for individuals and governments around the world. Prices of goods and services have been increasing steadily, which has affected the purchasing power of consumers. The cause of rising prices can be attributed to a number of factors such as inflation, supply and demand, and government policies. In this essay, we will explore the reasons behind the rising prices, the impact on consumers, and the overall economy.

The first reason for rising prices is inflation. Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. Inflation can be caused by factors such as an increase in the money supply, a decrease in the supply of goods, and rising production costs. When the money supply increases, there is more money available to spend, which drives up demand and prices. On the other hand, when the supply of goods decreases, demand remains the same, but the price of the goods increases. Rising production costs such as labor, raw materials, and energy also contribute to higher prices.

The second reason for rising prices is the law of supply and demand. When a product is in high demand, producers can charge more for it, and the price will rise. Conversely, when there is an oversupply of a product, the price will fall. This can occur due to a change in consumer preferences, changes in technology or production methods, or changes in the availability of raw materials. Consumers may have to adjust their spending habits or budgets to accommodate rising prices, which can be challenging for those on a fixed income or with limited financial resources.

The third reason for rising prices is government policies. Governments can influence prices through various policies such as taxes and subsidies. For example, if the government increases taxes on a particular product, the price of that product will increase. Similarly, if the government provides subsidies to a particular industry, the price of goods produced by that industry may decrease. Rising prices can have a negative impact on low-income households, as they are more likely to be affected by price changes. In addition, rising prices can also affect the overall economy by reducing consumer spending and slowing down economic growth.

In conclusion, rising prices can be caused by various factors such as inflation, supply and demand, and government policies. Consumers may have to adjust their spending habits or budgets to accommodate these price changes, which can be challenging for those on a fixed income or with limited financial resources. Rising prices can also have a negative impact on low-income households and the overall economy. It is important for governments to monitor price changes and implement policies that can help stabilize prices and reduce the impact on consumers and the economy.

About Mr. Greg

Mr. Greg is an English teacher from Edinburgh, Scotland, currently based in Hong Kong. He has over 5 years teaching experience and recently completed his PGCE at the University of Essex Online. In 2013, he graduated from Edinburgh Napier University with a BEng(Hons) in Computing, with a focus on social media.

Mr. Greg’s English Cloud was created in 2020 during the pandemic, aiming to provide students and parents with resources to help facilitate their learning at home.

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Essay Rising Prices: A Problem that Needs to be Addressed and Fixed

Prices of food articles are increasing day by day and there is a wide gap between wholesale prices and retail prices. The common man is suffering. The government is trying to control the prices. Write an article in 100-120 words on ` Rising Prices ‘ and give suggestions on how to control them. You may use the hints given below:

Hints : (40 percent below the poverty line, incomes of lower middle class very low, prices of food articles risen high, difficult to make both ends meet; steps were taken by the government; causes of rising prices; your suggestions).

Ans. Rising Prices

What we can find as a major roadblock for our country’s economic progress are the rising prices. Almost every consumer-oriented commodity like food articles is now high in cost. The essential goods that we need for our day to day survival are increasing in price every week/ month. Milk, fruits vegetables, groceries and grains which we need every day are so high in price that there is no question of buying or even thinking of buying more of the goods. There is a wide gap in the prices between the wholesale and the retail market. Indeed the fact is that neither the producer nor the consumer benefits, in the end, thanks to the middlemen whose f business is thriving. In such a condition, we find it difficult to make both ends meet. The income of the lower middle class is very low to meet the minimum expenses of the family. If this is so, then the condition of the poor is still pathetic. With 40% of poverty in our country below the poverty line, we can say that almost half the population remains hungry for the most part of the day. In spite of government subsidies to farmers. Poverty still prevails and the prices of food articles remain high. The government should take a middle course wherein both produce and the consumer benefit, while the middlemen should not be the sole beneficiaries.

Article on Rising Prices in 100 Words

Rising prices is one of the most common problems that people face today. It is becoming difficult for people to manage their daily expenses within their monthly incomes. The main reason behind this problem is the inflation which has been constantly increasing over the past few years. Prices of goods and services are increasing at a faster rate than the incomes of people. There are various reasons behind this inflationary trend in India. One of the major reasons is the increase in crude oil prices. Due to increase in crude oil prices, the transportation cost has also increased which has led to an overall increase in the prices of goods and services. Another reason for inflation is the ever-increasing population of India.

Article on Rising Prices in 150 Words

Rising prices are one of the most common economic problems people face today. The cost of living is constantly increasing, but wages remain stagnant. This means that people have less and less money to spend on essentials like food and shelter. Rising prices are a major cause of poverty and inequality. When the cost of living goes up, but incomes don’t, it hits the poorest people the hardest. This can lead to a spiral of debt and despair, as people are forced to cut back on basics like food and healthcare. There are several reasons why prices keep rising. One is simply that the demand for goods and services keeps increasing, while the supply remains static. This puts upward pressure on prices. Another reason is that businesses may be trying to increase their profits by charging more for their products or services. Governments can take steps to help reduce the impact of rising prices on people’s lives.

Article on Rising Prices in 500 + Words

Introduction

Prices are on the rise, but why? This essay will explore the underlying causes of rising prices and offer some solutions to this problem. We are all Feeling It: The Impact of Rising Prices Rising prices is a topic that impacts us all. Whether we are buying gas for our car, groceries for our household, or clothes for our wardrobe, we can all feel the pinch when prices go up. But why do prices rise? Is it just greedy businesses trying to make more money? While business do play a role in setting prices, there are several underlying factors that contribute to rising prices. In this essay, we will explore some of these causes and offer some potential solutions to the problem of rising prices.

What are the causes of rising prices?

1. Increasing demand: As the world population continues to grow, the demand for goods and services increases, leading to higher prices.

2. Limited supply: When there is only a limited supply of a good or service, prices will rise to ration that scarce resource.

3. Inflation : Rising prices are often caused by inflation, which is when the money supply decreases in value, leading to more expensive goods and services.

4. Economic growth: When an economy is growing rapidly, businesses often raise prices to keep up with the increased demand for their products and services.

5. Exchange rates: A country’s currency can become valuable relative to other currencies, leading to higher or lower prices for goods and services purchased in that currency.

6. Energy costs: Rising energy costs can lead to higher prices for goods and services as businesses pass on these increased costs to consumers.

7. Transportation costs: Higher transportation costs can also lead to higher prices as businesses pass on these increased costs to consumers.

8. Raw materials costs: If the cost of raw materials increases, this will often be passed on to consumers in the form of higher prices.

9. Tax changes: Changes in tax rates can impact the price of goods and services, as businesses pass on the increased taxes to consumers in the form of higher prices.

10. Government subsidies: The withdrawal of government subsidies can lead to higher prices

The Effect of Rising Prices on People’s Lives

Rising prices have several effects on people’s lives.

Here are 7 of the most significant:

1. Increased cost of living: When prices go up, the cost of living also rises. This puts pressure on families, particularly those on low or fixed incomes, as they struggle to make ends meet.

2. Inflation: Rising prices can lead to inflation, which in turn erodes the value of people’s savings and earnings. This can be a particular problem for retirees and other people on fixed incomes.

3. Reduced purchasing power: As prices increase, people’s purchasing power is reduced. This means that they can’t buy as much with their money, which can impact their standard of living.

4. Wages don’t keep up: In many cases, wages don’t rise at the same rate as prices. This means that people’s earnings don’t keep pace with the cost of living, putting them under financial pressure.

5. Job losses: When industries are hit by rising prices, it can lead to job losses as companies look to cut costs. This can have a devastating impact on people’s lives, leaving them unemployed and struggling to make ends meet .

6. Business closures: Rising costs can also force businesses to close down, leading to even more job losses and further economic hardship for those affected.

7. Social unrest: When people are struggling to make ends meet, it can lead to social unrest.

The measures taken to control rising prices

1. The government has imposed a ceiling on the prices of essential commodities. 2. The government has also decided to release additional supplies of essential commodities to the market. 3. The government has also banned the hoarding of essential commodities. 4. The government has also fixed the wholesale and retail prices of essential commodities. 5. The government has also introduced a system of rationing for essential commodities. 6. The government has also taken steps to improve the supply situation of essential commodities. 7. The government has also taken measures to control the speculation in essential commodities. 8. The government has also taken measures to check the black marketing of essential commodities. 9. The government has also launched a campaign to create awareness among people about the need to conserve essential commodities. 10. The government has also taken steps to encourage production of essential commodities.

Who wouldn’t like prices to start falling? Careful what you wish for, economists say

FILE - Plastic bottles of Pepsi are displayed at a grocery store in New York on Nov. 15, 2023. Before inflation began heating up, a 2-liter bottle of soda it cost an average of $1.67 in supermarkets across America. Three years later it is going for $2.25 – a 35% increase.(AP Photo/Ted Shaffrey, File)

FILE - A carton of eggs sits on a kitchen counter on March 17, 2023, in East Derry, N.H. Egg prices are 43% higher than they were three years ago. (AP Photo/Charles Krupa, File)

FILE - Used models are shown a Mini dealership on July 21, 2023, in Highlands Ranch, Colo. The average used car price is up 16% from three years ago. (AP Photo/David Zalubowski, File)

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WASHINGTON (AP) — Many Americans are in a sour mood about the economy for one main reason: Prices feel too high.

Maybe they’re not rising as fast as they had been, but average prices are still painfully above where they were three years ago. And they’re mostly heading higher still.

Consider a 2-liter bottle of soda: In February 2021, before inflation began heating up, it cost an average of $1.67 in supermarkets across America. Three years later? That bottle is going for $2.25 — a 35% increase.

Or egg prices. They soared in 2022, then fell back down. Yet they’re still 43% higher than they were three years ago.

A shopper looks down an aisle in a Target store in Upper Saint Clair, Pa., on Friday, July 7, 2023. On Wednesday, the Labor Department reports on U.S. consumer prices for June.(AP Photo/Gene J. Puskar)

Likewise, the average used-car price: It rocketed from roughly $23,000 in February 2021 to $31,000 in April 2022. By last month, the average was down to $26,752. But that’s still up 16% from February 2021.

Wouldn’t it be great if prices actually fell — what economists call deflation? Who wouldn’t want to fire up a time machine and return to the days before the economy rocketed out of the pandemic recession and sent prices soaring?

At least prices are now rising more slowly — what’s called disinflation. On Friday, for example, the government said a key price gauge rose 0.3% in February, down from a 0.4% gain in January. And compared with a year earlier, prices were up 2.5%, way down from a peak of 7.1% in mid-2022.

But those incremental improvements are hardly enough to please the public, whose discontent over prices poses a risk to President Joe Biden’s re-election bid.

“Most Americans are not just looking for disinflation,’’ Lisa Cook, a member of the Federal Reserve’s Board of Governors, said last year. “They’re looking for deflation. They want these prices to be back where they were before the pandemic.’’

Many economists caution, though, that consumers should be careful what they wish for. Falling prices across the economy would actually be an unhealthy sign.

“There are,’’ the Bank of England warns, “more consequences from falling prices than meets the eye.’’

What could be so bad about lower prices?

WHAT IS DEFLATION?

Deflation is a widespread and sustained drop in prices across the economy. Occasional month-to-month drops in consumer prices don’t count. The United States hasn’t seen genuine deflation since the Great Depression of the 1930s.

Japan has experienced a much more recent bout of deflation. It is only now emerging from decades of falling prices that began with the collapse of its property and financial markets in the early 1990s.

WHAT’S WRONG WITH DEFLATION?

“Although lower prices may seem like a good thing,’’ Banco de España, the Spanish central bank, says on its website, “deflation can in fact be highly damaging to the economy.’’

How so? Mainly because falling prices tend to discourage consumers from spending. Why buy now, after all, if you can purchase what you want — cars, furniture, appliances, vacations — at a lower price later?

The reality is that the economy’s health depends on steady consumer purchases. In the United States, household spending accounts for around 70% of the entire economy. If consumers were to pull back, en masse, to await lower prices, businesses would face intense pressure to cut prices even more to try to jump-start sales.

In the meantime, employers might have to lay off waves of employees or cut pay — or both. Unemployed people, of course, are even less likely to spend, so prices would likely keep falling. All of which risks triggering a “deflationary spiral’’ of price cuts, layoffs, more price cuts, more layoffs. And on and on. Another recession could follow.

It was to prevent that very kind of economic nastiness that explains why the Bank of Japan resorted to negative interest rates in 2016 and why the Fed kept U.S. rates near zero for seven straight years during and after the Great Recession of 2007-2009.

Deflation exerts another painful effect, too: It hurts borrowers by making their inflation-adjusted loans more expensive.

ARE THERE ANY BENEFITS OF DEFLATION?

It’s certainly true that Americans can make their paychecks go further when prices are falling. If food or gasoline prices were to tumble, households would surely find it less painful to afford groceries or their commutes to work — as long as they remained employed.

Some economists even question the notion that deflation poses a serious economic threat. In 2015, researchers at the Bank for International Settlements, a forum for the world’s central banks, reviewed 140 years of deflationary episodes in 38 economies and reached this conclusion: The correlation between falling prices and economic growth “is weak and derives mostly from the Great Depression.’’

But the exception was a doozy: From 1929-1933, U.S. economic output plummeted by a third, prices sank by a quarter and the unemployment rate shot up from 3% to a crushing 25%.

The bank’s researchers said the biggest economic risk came not from falling prices for goods and services but rather from a freefall in the price of assets — stocks, bonds and real estate. Those collapsing assets, in turn, can topple banks that hold crumbling investments or that made loans to struggling real estate developers and homebuyers.

The damaged banks may then cut off credit — the lifeblood of the broader economy.

The likely result? A painful recession.

AP Auto Writer Tom Krisher in Detroit contributed to this report.

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Inflation is taxation without legislation - Milton Friedman

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Essays on Rising Prices

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Essay on Price Rise in India

Students are often asked to write an essay on Price Rise in India in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Price Rise in India

Introduction.

Price rise in India is a major concern affecting the economy and lives of people. It refers to the increase in the cost of goods and services.

Multiple factors cause price rise. High demand for products, less supply, inflation, and tax policies are major contributors.

Price rise affects everyone. It reduces purchasing power, increases poverty, and creates economic instability.

To control price rise, the government can regulate taxes, enhance production, and control inflation.

Price rise is a complex issue in India. Addressing it requires effective economic policies and management.

250 Words Essay on Price Rise in India

India, a country of vast economic potential, is currently grappling with a significant issue – price rise. The persistent escalation in the prices of goods and services is not only affecting the common man’s budget but also posing a threat to the country’s economic stability.

The root causes of price rise in India are multifaceted. One of the main culprits is the supply-demand disparity. With a population of over a billion, demand often outstrips supply, leading to inflation. Another contributing factor is the increase in production and labour costs, which are subsequently passed on to consumers. Additionally, policy decisions, like the implementation of GST, have also contributed to this phenomenon.

Impact on the Economy

The impact of price rise on the Indian economy is profound. It erodes the purchasing power of the consumer, leading to a decrease in demand and economic slowdown. The poor and middle class are hit hardest, as they struggle to keep up with escalating living costs. Moreover, it hampers foreign investments, as high inflation rates often indicate economic instability.

Conclusion and Solutions

To combat the issue of price rise, India needs to adopt a multi-pronged strategy. This includes improving agricultural productivity to increase supply, implementing sound fiscal policies to control inflation, and encouraging domestic industries to reduce dependence on imports. Additionally, making the economy more competitive can help keep prices in check. Indeed, the issue of price rise is a complex one, but with concerted efforts, it can be managed effectively.

500 Words Essay on Price Rise in India

Price rise in India is a pressing issue that has been a cause of concern for both the government and the citizens. This phenomenon refers to the increase in the prices of essential commodities, which affects the economy and the standard of living of the people.

The Gravity of the Issue

The incessant rise in prices, especially of essential commodities, has a profound impact on the daily lives of people. It leads to a decrease in the purchasing power of the common man, thereby widening the gap between the rich and the poor. The low and middle-income groups are the most affected as they struggle to afford basic necessities.

Reasons Behind Price Rise

The reasons for the price rise in India are multifaceted. One of the key causes is the increase in the cost of production. As the cost of raw materials, labor, and transportation rises, producers pass on these costs to consumers in the form of increased prices.

Inflation also plays a significant role in the price rise. The Reserve Bank of India (RBI) uses monetary policy to control inflation, but external factors, such as global economic conditions and fluctuations in international commodity prices, often hamper these efforts.

Moreover, supply chain disruptions due to reasons like natural disasters, pandemics, or policy changes can lead to a shortage of goods, thereby increasing their prices.

The persistent price rise can adversely affect the economy. High inflation rates can lead to economic instability, affecting investment and economic growth. It can also result in increased borrowing costs, thereby affecting business expansion and job creation.

Furthermore, high prices can lead to social unrest as people struggle to meet their basic needs, which in turn can have serious political implications.

Measures to Control Price Rise

To control the price rise, the government needs to take both short-term and long-term measures. Short-term measures can include reducing taxes on essential commodities, releasing buffer stocks, and imposing price controls.

In the long term, improving supply chain efficiency, investing in infrastructure, and promoting competition can help in controlling prices. The government should also focus on policies that promote economic stability and inclusive growth.

While price rise is a complex issue with no quick fix, it is crucial for the Indian government to take proactive measures to mitigate its impact. The focus should be on creating a robust and resilient economy that can withstand external shocks, thereby ensuring the welfare of its citizens. It is only through a combination of policy measures, economic reforms, and public awareness that the issue of price rise can be effectively tackled.

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Rise in Prices Essay

In recent times, there has been a steep rise in prices. There is felt, all over the country, an all-pervading rise in the price level. Majority of the Indians are living below the poverty line.

They are hit hard by the soaring prices of essential commodities. This spurt in the price level is a matter of serious concern and anxiety for the whole country.

India inherited inflation as a legacy from British rulers. Instead of setting the house in order, the rulers of free India developed a nexus with big industrialists and business magnates for their mutual benefit.

The governments had been quite generous in showering favours in the form of licences, quotas of articles to be imported from abroad, allotment of prime land for the establishment of factories, etc.

The industrialists, businessmen and press barons, on their part, contributed liberally to the election fund of the ruling party. Even many MPs and MLAs had been on the payroll of many business houses. This mutual give-and-take policy has played havoc with the lives of the weaker sections of the country.

This rich class of businessmen indulges in unhealthy practices like adulteration, smuggling, black-marketing and hoarding. They keep their interests above national interests. They raise the prices of the goods at will on one pretext or the other.

The government is never serious in checking the activities of such people. The administration is hand and glove with them because the officers are silenced by these crafty people through bribes. This class of traders and speculators cause the artificial fluctuation of the price-level by means of hoarding, speculation and black-money.

The abnormal rise in prices in India in recent years has been the result of a variety of factors. The inclemency of nature, as well as the weak economic machinery of the country, may be said to have equal effects on this rise in prices. Moreover, certain errors in governmental policy and the price level.

First, the unscrupulous people belonging to the class of businessmen and industrialists are always on the look-out for the opportunity to mint money through all means. A stable and strong government at the centre is viewed by such people as a thorn in their flesh. They swing into action when era has come as a boon to them. They feel that the government is weak and unstable.
Second. the problem of militancy and the proxy war waged by Pakistan Against India during the last decade has forced the government of India to focus its attention on meeting the challenge to her security. The China Indo War of 1962 and the three Indo-Pak wars have been responsible for the country have shot up.
Third, there is a rapid growth of population in the country. This has exercised a heavy pressure on the price-level despite a satisfactory increase In food production. After all, it is difficult in India to cope with the fast-multiplying population by any simple increase in the production of food or industrial goods. The inevitable result is inflation.
Fourth, the large scale development programme, undertaken by the government, has an indirect effect on the price level of the country. There has been felt a shortage of consumers goods due to the implementation of different projects under Five-year Plans. A rigorous policy of import control has also created a shortage of goods in the country. The price-level has gone naturally sky-high.
Fifth, the.policy of deficit financing, rather recklessly followed, has an adverse effect on the price-level. The huge sums of money raised in different Plans by means of deficit financing to meet the developmental programme have added a lot to the inflationary trend in the country.
Lastly, the increased expenses, incurred for importing petroleum products and the rise of their prices in the home market, has added to the inflationary potency.

With the induction of Mr Atal Bihari Bajpai as the Prime Minister of India a couple of months ago, the people of India heaved a sigh of relief. They have faith in his integrity, honesty and capability.

True to his professions, he has decided to smash the nexus between the business magnates and the rulers of the previous regimes and to weed out the canker of corruption by creating an institution of Lokpal.

To distract his attention they have again resorted to ugly means for creating chaotic conditions in the country. It is hoped that he will be able to meet the challenge posed by such elements.

The efforts of the previous governments to check inflation have proved ineffective because the efforts lacked sincerity of purpose. There is a payment in politics. The power that keeps the poor people in the cold grip of scarcity and high prices cannot escape the writing on the wall.

The present government knows it well and it is expected from the government that it will tackle the problem of price-rise effectively and bring it under control, Mere speeches and political slogans will not do. Sincere and Serious efforts in that direction will certainly pay dividends.

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The Rising Oil Prices: Causes and Solution Essay

The global oil supply has not increased since 2005 and the world has undergone the worst financial crisis since the Great Depression. The decline in the oil supply has adverse consequences to the economic growth (Tverberg 28). This is a grave problem for all; however, common person is not concerned with the effect of such depletion. All he can see is rise in the price of gasoline and cooking gas. However, analysts are concerned with the depleting resources and skeptics predict that the resources will soon be exhausted. This essay is an exposition of the present state and causes of the rising oil prices and depletion of the oil resources. In the end, the essay tries to provide a practical solution for the situation.

Depletion in the oil resources is an evident problem. Dr. M. King Hubbert has predicted a bell shaped oil production curve. He stated that in the 1970s oil production was highest after which the production has gradually declined, indicating a bell shaped production curve (The Economist). Based on the success of Dr. Hubbert’s predictions, geologists have applied his methodology to estimate the present oil production and they fear that global oil production will peak in the coming decade and then there will be a decline in the oil production (The Economist).

Presently, depletion theorists believe that the depletion of the oil resources has already begun and the global oil production has already reached the slippery part of the bell shape devised by Dr. Hubbert. However, another group of scientists believe that there will be enough oil to meet the demands sufficiently until 2020. However, even in such a situation, rise is oil prices are inevitable. The increasing prices of energy have led to severe economic pressure on economies and more importantly common person.

A study on the depletion of oil resources in oil rich country – Syria – has demonstrates that it has led to greater increase in interest rate (Tverberg). Syria has been an oil exporter, however, depletion in its oil resources has endangered the financial condition of the country. When oil supply is high, the revenue from export helped in public finance for developmental activities and international industrial and agricultural production. However, with a decline in the oil production, and consequently, export, the Syrian government failed to meet the developmental needs of the country, and hence led to increase in internal inflation, especially that of food and consumer goods. The internal unrest has become so acute that the country faces the threat of an imminent civil war. Similar situation has been observed in other oil-rich countries like Egypt, Yemen, and Tunisia.

In another research, Dr. Tverberg demonstrated the decline in the real GDP due to the depletion of oil resources in the USA (Tverberg 29). The reason for this, he says, is the mismatched rise in oil prices and the rise in income. He says that when oil prices rise in the short run, salaries do not rise matching the rise in the prices, which causes the fall in the real GDP. Fuel is a necessity in modern life, especially for commuting and food. With rise in oil prices, real income falls, as necessities become dearer. Eventually, common person cuts down his purchase of discretionary goods, as his disposable income decreases, for he has to spend more in the necessities.

Consequently, the industries producing discretionary goods are adversely affected, resulting in reduced production, and eventually laying-off of workers. Thus, depletion of oil creates a spiral effect on the economy, ultimately causing recession. Historically, the growth in GDP has been higher than the growth in oil production, however, recently, the rate of growth of GDP, though higher than oil, has shown a downward sloping trend, along with the declining growth of oil production. Further, data also demonstrates that oil-importing countries are worst hit than the oil producing and exporting countries. It is believed that the peak use of oil that will eventually lead to the depletion of the resources, will adversely affect the resources to combat climate change and global warming.

The solution for the increasing threat of oil depletion is two fold. First is the increase the use of renewable energy sources. Renewable energy has been the focus of scientific research, as it is believed that it is the only possible solution to the impending oil crisis. One solution that a common person often employs is the use of electricity rather than crude based fuel. For instance, instead of cooking gas, there has been a rise in use of electricity based cooking utensils. However, one problem with this is that in many parts of the world electricity is still produced from coal, which again is a finite resource.

Therefore, the focus should be on devising a source of energy, which has infinite source like water and air. Second solution to this problem may be alternatives for crude such as heavy oils, tar sand, and oil shales. Heave oil, pumped in similar fashion as petroleum, is thicker and may cause greater pollution. These are found in almost 30 countries but 90 percent of the reserves are found in Venezuela. Tar sands can be excavated from sedimentary rocks. This provides 20 percent of the oil supply of Canada. Oil shales though abundantly available in the US, are an expensive alternative for it requires high processing cost.

Works Cited

The Economist. 2001. “ Sunset for the oil business? ” 2001. The Economist. Web.

Tverberg, Gail E. 2013. “ Depleted Global Oil and Gas Reserves have Led to Greater Interest in Syria. ” Web.

Tverberg, Gail E. “Oil supply limits and the continuing financial crisis.” Energy 37(1) (2012): 27-34. Print.

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Essay on Rising Prices Price Hike

Price rise or price hike are the terms used to denote rise in price of goods and services. The economic term for rising prices or price hike is “inflation”. Fluctuations in prices of goods and services are common in world economies; though, it directly affects the consumer. While a drop in prices is good news for middle and lower class consumers; an increase might cause financial constraints to them. A price hike in the items consumed daily in the households, affects the consumer more. Such items include, fruits, vegetables, oils, LPG Cylinders, etc. Every price hike on an individual item affects a specific set of consumers, like, a hike in fuel price; affect the transport industry more than private users.

Long and Short Essay on Rising Prices or Price Hike in English

We are providing below long and short essay on rising prices or price hike in English.

These essays have been written in simple and easy to remember language to let you use them whenever required.

The rising prices or price hike essay will give you an insight of reasons and effects of price hike on general masses.

You can use these essays in your school assignments and various other competitions or general debates on the topic of rising price or price hike.

Essay on Price Hike in India and Common Man – Essay 1 (200 words)

Introduction

Price Hike and the Common Man

For the common man a price hike in one particular commodity can affect his entire budget and cut into his savings. It is up to the government to control hikes in prices so that the situation doesn’t become unbearable for ordinary citizens.

Essay on Rising Prices Inflation – Essay 2 (250 words)

Causes of Rising Prices Inflation

While academics and economists haven’t agreed on one particular theory about the cause of inflation, they generally agree that certain factors are responsible for it.

Demand Pull Inflation – As the name suggests, this happens when demand exceeds supply. There is an increase in demand for products and services and due to this increased demand, prices go up. The phenomenon is usually observed in economies that are experiencing rapid growth
Cost Push Inflation – This comes from the supply side. When a company’s cost of production increases, it compensates by increasing the prices of its goods and services, so that it can maintain its profit margin. Production costs can go up because the cost of the raw materials goes up or because of taxation or because of increased wages to its workers.
Monetary Inflation – As per this theory, when money is oversupplied in an economy, inflation occurs. Since money is also ruled by supply and demand, too much money circulating makes its value go down and therefore, prices go up.

People are directly impacted by inflation. What they fail to see, however, is that inflation is necessary to and sometimes beneficial for the economy. They should focus on demanding that wages rise as inflation does, so that their purchasing power isn’t affected negatively. Inflation by itself isn’t simply bad or good; the type of economy and people’s own circumstances determine whether it is one or the other.

Essay on Problems of Rising Prices – Essay 3 (300 words)

What Rising Prices Do

While price hikes are inevitable in any economy, uncontrolled or badly controlled increases hit the population of a country hard and amplify the gap between the rich and the poor. They lower the general standard of living and cause mass unrest. In order to have a stable and prosperous society it is necessary for the powers that be to exercise some measure of control over price hikes.

Essay on Rising Prices of Essential Commodities – Essay 4 (400 words)

Rising Prices of Essential Commodities

From a supply perspective, factors such as uncertain weather, lack of cold storage and lack of warehousing facilities play a huge role in pushing prices up. A very high percentage of vegetables and fruits are wasted because of inadequate cold storage facilities, affecting supply and raising prices.

Commodities such as petroleum, which are imported to a large extent, are subject to international prices. Therefore, the moment there is global shortage or global price hike, these commodities become dearer.

Since these commodities are essential, price hikes have both economic and political consequences. The price rises become part of the political agenda for opposition parties to attack the government. By doing this, they attempt to show solidarity with the common man. However, there is no doubt in the fact that it is the common man who is the one most deeply affected at the end of the day. Sweeping reforms are needed to control hoarders and reform agriculture in a way that price hikes for essential commodities don’t hit the common man where it hurts most – his wallet.

Essay on Causes of Rising Prices and its Effects – Essay 5 (500 words)

Causes of Rising Prices

The factors that cause prices to rise are twofold – internal and external.

External – Global inflation is an external cause of price rise. When the prices of certain goods abroad are higher, importing these goods costs more. This increased cost is passed on to the consumer directly and indirectly. For example, when oil prices rise globally, it becomes more expensive to import oil. In turn, this affects the prices of oil products such as petroleum and diesel in our country. The consumer then has to pay higher prices to get these products. Since these are products that are used in transportation, costs of goods being transported also increase. Therefore, goods such as foodstuffs and other necessities also become more expensive.
Rapid Population Growth – An increasing population demands an increasing amount of goods. Demand increases and supply can’t keep up, thus driving the prices higher.
Income Increase – As the purchasing power of the population increases, the demand for goods and services also increases. Again, the demand outstrips the supply and prices go up.
Insufficient Agricultural Output – Thanks to a growing population and increase in purchasing power, the demand for agricultural goods has increased. However, because this sector has been neglected to a significant degree, it cannot keep up with the demand. A drought or a flood is enough to disrupt supply and increase prices.
Insufficient Industrial Production – The industrial sector has fared better at the hands of the government. However, industrial growth rate has only increased in the last 30 or so years. Therefore, certain industrial products such as basic consumer products and agricultural and industrial inputs have not been able to keep up with the demand which has resulted in a price hike.

Effects of Rising Prices

An increase in prices inevitably affects the lives of the general population. When the prices of basic goods such as food increase, people who are living just above the subsistence level slip down below the poverty line. It also affects the pockets of the population that has fixed incomes. Prices go up but their wages remain the same and, therefore, they are either forced to spend more or give up certain goods entirely. The rich are not really affected by the price rise and therefore, the gap between the rich and the poor widens almost daily.

Price rises aren’t affected only by what’s going on in the country but also by the situation across the world. While certain factors aren’t under anyone’s control, it is imperative that governments act upon what they do control to cap huge price hikes.

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New York Takes Crucial Step Toward Making Congestion Pricing a Reality

The board of the Metropolitan Transportation Authority voted to approve a new $15 toll to drive into Manhattan. The plan still faces challenges from six lawsuits before it can begin in June.

Multiple cars are stopped at a traffic light at a Manhattan intersection. A person responsible for controlling traffic stands nearby wearing a yellow reflective vest.

By Winnie Hu and Ana Ley

New York City completed a crucial final step on Wednesday in a decades-long effort to become the first American city to roll out a comprehensive congestion pricing program, one that aims to push motorists out of their cars and onto mass transit by charging new tolls to drive into Midtown and Lower Manhattan.

The program could start as early as mid-June after the board of the Metropolitan Transportation Authority, the state agency that will install and manage the program, voted 11-to-1 to approve the final tolling rates, which will charge most passenger cars $15 a day to enter at 60th Street and below in Manhattan. The program is expected to reduce traffic and raise $1 billion annually for public transit improvements.

It was a historic moment for New York’s leaders and transportation advocates after decades of failed attempts to advance congestion pricing even as other gridlocked cities around the world, including London, Stockholm and Singapore, proved that similar programs could reduce traffic and pollution.

While other American cities have introduced related concepts by establishing toll roads or closing streets to traffic, the plan in New York is unmatched in ambition and scale.

Congestion pricing is expected to reduce the number of vehicles that enter Lower Manhattan by about 17 percent, according to a November study by an advisory committee reporting to the M.T.A. The report also said that the total number of miles driven in 28 counties across the region would be reduced.

“This was the right thing to do,” Janno Lieber, the authority’s chairman and chief executive, said after the vote. “New York has more traffic than any place in the United States, and now we’re doing something about it.”

Congestion pricing has long been a hard sell in New York, where many people commute by car from the boroughs outside of Manhattan and the suburbs, in part because some of them do not have access to public transit.

New York State legislators finally approved congestion pricing in 2019 after Gov. Andrew M. Cuomo helped push it through. A series of recent breakdowns in the city’s subway system had underscored the need for billions of dollars to update its aging infrastructure.

It has taken another five years to reach the starting line. Before the tolling program can begin, it must be reviewed by the Federal Highway Administration, which is expected to approve it.

Congestion pricing also faces legal challenges from six lawsuits that have been brought by elected officials and residents from across the New York region. Opponents have increasingly mobilized against the program in recent months, citing the cost of the tolls and the potential environmental effects from shifting traffic and pollution to other areas as drivers avoid the tolls.

A court hearing is scheduled for April 3 and 4 on a lawsuit brought by the State of New Jersey, which is seen as the most serious legal challenge. The mayor of Fort Lee, N.J., Mark J. Sokolich, has filed a related lawsuit.

Four more lawsuits have been brought in New York: by Ed Day, the Rockland County executive; by Vito Fossella, the Staten Island borough president, and the United Federation of Teachers; and by two separate groups of city residents.

Amid the litigation, M.T.A. officials have suspended some capital construction projects that were to be paid for by the program, and they said at a committee meeting on Monday that crucial work to modernize subway signals on the A and C lines had been delayed.

Nearly all the toll readers have been installed, and will automatically charge drivers for entering the designated congestion zone at 60th Street or below. There is no toll for leaving the zone or driving around in it. Through traffic on Franklin D. Roosevelt Drive and the West Side Highway will not be tolled.

Under the final tolling structure, which was based on recommendations by the advisory panel, most passenger vehicles will be charged $15 a day from 5 a.m. to 9 p.m. on weekdays, and from 9 a.m. to 9 p.m. on weekends. The toll will be $24 for small trucks and charter buses, and will rise to $36 for large trucks and tour buses. It will be $7.50 for motorcycles.

Those tolls will be discounted by 75 percent at night, dropping the cost for a passenger vehicle to $3.75.

Fares will go up by $1.25 for taxis and black car services, and by $2.50 for Uber and Lyft. Passengers will be responsible for paying the new fees, and they will be added to every ride that begins, ends or occurs within the congestion zone. There will be no nighttime discounts. (The new fees come on top of an existing congestion surcharge that was imposed on for-hire vehicles in 2019.)

The tolls will mostly be collected using the E-ZPass system. Electronic detection points have been placed at entrances and exits to the tolling zone. Drivers who do not use an E-ZPass will pay significantly higher fees — for instance, $22.50 instead of $15 during peak hours for passenger vehicles.

Emergency vehicles like fire trucks, ambulances and police cars, as well as vehicles carrying people with disabilities, were exempted from the new tolls under the state’s congestion pricing legislation .

As for discounts, low-income drivers who make less than $50,000 annually can apply to receive half off the daytime toll after their first 10 trips in a calendar month. In addition, low-income residents of the congestion zone who make less than $60,000 a year can apply for a state tax credit.

All drivers entering the zone directly from four tolled tunnels — the Lincoln, Holland, Hugh L. Carey and Queens-Midtown — will receive a “crossing credit” that will be applied against the daytime toll. The credit will be $5 round-trip for passenger vehicles, $12 for small trucks and intercity and charter buses, $20 for large trucks and tour buses, and $2.50 for motorcycles. No credits will be offered at night.

Grace Ashford contributed reporting.

Winnie Hu is a Times reporter covering the people and neighborhoods of New York City. More about Winnie Hu

Ana Ley is a Times reporter covering New York City’s mass transit system and the millions of passengers who use it. More about Ana Ley

Egg prices are hopping again this Easter. Is dyeing eggs worth the cost?

Most Americans wait until the Holy Week to shop for Easter , but no matter how long you wait this year, eggs aren’t likely to go on sale for much less than they are now.

A dozen eggs are around $3 per dozen, on average, according to Federal Reserve data . That’s down from January 2023’s record $4.82 , but still more than double the $1.45 average cost before the pandemic in February 2020.

Even if prices aren’t as eye-popping as they were last year, they might still be expensive enough to dissuade some people from dyeing a lot of eggs.

If you fall into this camp, USA TODAY has a list of eggless activities and decor to explore this Easter.

Others may continue to roll with tradition, though People for the Ethical Treatment of Animals is suggesting that the White House tweaks its annual Easter Egg Roll on Sunday and use potatoes instead of eggs.

Protect your assets: Best high-yield savings accounts of 2023

"Potatoes are cheaper and healthier than eggs and leave birds in peace," the nonprofit said in a recent news release.

How are people reacting this Easter to high egg prices?

Of the more than 500 consumers polled by research firm Numerator , 65% said they'll buy eggs to decorate and 21% said they plan to buy more than last year. However, 35% said they don't plan to buy eggs to decorate and 11% will buy fewer this year. Of those buying fewer eggs or none, 25% cited high prices as the deterrent.

Whether people will see egg prices as a relief or a hindrance to Easter celebrations depends on what you compare them to.

Numerator's survey showed 67% of respondents said price was the main consideration when buying eggs for dyeing or decorating, and whether you see the cost as reasonable or too high "depends upon when and where one establishes the benchmark,” said Joe Brusuelas, chief economist at consulting firm RSM US. “If it is four years ago, then the evaluation will tend to be not so good. ”

Or it can be relative to how other items at the grocery store are priced. “Eggs are still cheaper than meat,” said Christa Howard Roeh, a mom of three, in Chicago.

Even at $5 per dozen, you can eat two large eggs for dinner for about 85 cents, and they provide protein, omega-3, vitamins and other valuable nutrients, said Brian Moscogiuri, a global trade strategist at Eggs Unlimited, an egg supplier.

That's a bargain compared to the avocado his wife bought on sale for 75 cents, which she thought was inexpensive, he noted. Or even chocolate eggs, which are seeing a price spike this year due to sharply higher cocoa prices . One classic Cadbury creme egg costs more than $1.

“People just aren’t breaking it down to show where the value (of an egg) is,” Moscogiuri said.

Why are eggs so expensive?

Egg prices soared to about $4.82 per dozen in January 2023 after an avian flu outbreak.

Prices started to fall after avian flu subsided. Eggs dropped to about $3.27 a dozen by last Easter and got as low as $2.04 in August.

However, another outbreak last November sent prices higher again. Prices have risen over the past six months, with the average cost of a dozen eggs hitting $3 in February.

How did people react at Easter to last year's surge in egg prices?

In April 2023, a dozen eggs were $3.27, a record-high Easter price. This was a 27% increase from the year-ago period, according to Datasembly , which tracks grocery pricing data in real time.

Egg sales weakened during the two weeks before the holiday compared to the prior year. During those two weeks in 2023, egg sales only rose 20.5% above the 52-week average, retail data from retail data science company 84.51° showed. In 2022, egg sales spiked 35%.

What's the story behind Easter? A bunny, eggs and Jesus: How Easter became a holiday full of symbolism

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.

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Essay on Rising Prices/Price Hike
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