For example, if you made $50,000 per year living in New York City, you could maintain the same standard of living in Chapel Hill, NC on less than half that annual salary – the cost of living in Chapel Hill is estimated to be 58% lower than that in New York City, according to Pay Scale.
It’s easy for most people to feel the effects of cost-of-living increases in their daily life.
In the bus, at the office and at the market, almost all conversations revolve around the rising prices.
Increase of general price levels is generally known as ‘inflation’.
According to the Bureau of Labor Statistics, the median weekly earnings for full-time wage earners was $857 in the fourth quarter of 2017 – 0.9% higher than a year's earlier, although the CPI has risen 2.1% since then.
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You would assume that higher inflation means higher prices for real estate, and that is often the case, at least at the start of a significant spike in inflation. To keep inflation rates under control, the Federal Open Market Committee (FOMC) often steps in and raises the Federal Funds Rate, which is the interest rate charged to other financial institutions using the Federal Reserve Bank.
The main reason for the quadrupling of prices was due to the monopoly created by OPEC.
OPEC(Organization of the Petroleum Exporting Countries) is an international organization of eleven developing countries that depend on their revenues from oil exports as their primary source of income.
Although economic recovery is far more complicated than any single factor, lower interest rates have helped the devastated housing market begin its slow recovery since 2008.
With pay increases lagging behind rising inflation, you can expect your wallet to continue to take a beating as the cost of living increases in just about every aspect of daily life. Although you may need to cut back spending in some areas, don’t let today’s high prices discourage you from saving for tomorrow’s needs.