Definition
A cost-of-living crisis is a socioeconomic phenomenon characterized by high inflation rates and stagnant nominal wages, leading to a significant decline in the purchasing power of individuals and households. This situation results in a sharp increase in the cost of essential goods and services, such as food, housing, and energy, causing a deterioration in the overall standard of living for the affected population. The cost-of-living crisis poses a threat to public health and well-being, as individuals struggle to afford the basic necessities that were previously within their reach.
📚 Sources & Citations
- 📖 Wikipedia
- 🔗 Wikidata: Q122397142