A cost-of-living crisis is a socioeconomic situation or period of high inflation where nominal wages have stagnated while there is a sharp increase in the cost of living, such as food, housing, and energy. As a result, real income and living standards are squeezed to the point that people cannot afford the standard of living that they were previously accustomed to.
A cost-of-living crisis is a socioeconomic situation or period of high inflation where nominal wages have stagnated while there is a sharp increase in the cost of living, such as food, housing, and energy. As a result, real income and living standards are squeezed to the point that people cannot afford the standard of living that they were previously accustomed to.
Source: Wikipedia "Cost-of-living crisis" · CC BY-SA 4.0
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