How are you all? I hope you all are fine by the grace of Allah Almighty who is the most merciful and beneficent I'm fine too Alhamdulilah. Today I will share my participation in the contest organized by @hive-109435.
According to you, what are the major reasons behind the growing Inflation rate, specifically in your country?
In my country there are many factors that can cause inflation. One of the major cause is the increase in the rates of the materials. When the prices of the goods go up, it can cause higher prices for the consumers .The expansion of the money supply is another factor which can contribute in the growth of inflation.when the More money printed by the central banks it can cause inflation. The exchange rates also affect inflation. If there is any instability in the international markets it make the goods expensive and ultimately causes inflation.
Do you think that the increasing Inflation rates effect all the classes and fields of the life?
Yes, the increasing inflation rates affect all the classes and fields of life. The increasing inflation first of all affect the cost of the things for us. When the prices for goods raised,it is difficult to meets the demands and the basic needs of human beings like food and health care facilities.This affect the individuals and their families, it's difficulty especially for those who earn low income. The inflation is also effective for the savings and investment of the people. When the rates of the inflation increases, the people start to decrease their savings and investments.It also has an effect on the economy of the society. It also has an impact on employment. When the costs of the things rise, the employees demand higher wages to maintain their lifestyle.This can create challenges in businesses and ultimately results in unemployment
As a common citizen, how can we play our part to control the Inflation?
As a common citizen there are many ways that we play our part to control inflation. The most important way is that to control our expenses.The savings and investment can be beneficial.. The filtration can erode the value of money, the savings and investment help can be helpful.when we put money into savings or the investments with low risk by this we can earn interest. it's important to research about investment programs before investing. Always make sure to stay connected with the trends of economy that make us enable to take better decisions. In this way we can adjust our financial strategies accordingly.