How has inflation influenced our lives?
i need an essay of about 250 words on the topic kindly help me as i am having my exam tomorrow.THE TOPIC IS
'SPIRALLING PRICES OR INFLATION HAS INFLUENCED OUR LIVES IN MANY WAYS.EXPLAIN HOW YOU AND YOUR FAMILY HAS FELT THE INFLUENCE.'
Of course, none of us can write this for you since we are not in your family and do not know your family. Therefore, we cannot know what effects of inflation your family has felt. What we can do is to discuss some typical effects of inflation -- you will need to see if any of these have affected your family.
The most common impact of inflation is that it makes it harder for people to buy goods. Typically, prices will rise and wages will not rise fast enough to keep pace. For a while, at least, a family will see that the things that they need to buy are getting more expensive while their income is not increasing. This is the most common impact of inflation and is the one that is most easily noticed on a day to day basis.
Inflation can also hurt people who have lent money. The money the receive when the loan is paid back is not worth as much as the money that was lent. However, this is much harder for anyone to actually notice.
So, if I were you, I would try to find out what prices of things your family uses (especially food and fuel) have gone up recently. Then you should compare that to the wages or other income of whoever in your family makes money. You would need to see if the prices are going up more quickly than the income. If so, try to find out what changes your family has been having to make -- eating different foods, cutting back on certain types of consumption, things like that.