Cost of living: answers to your questions about inflation, rising prices and falling wages Business News

Living standards are expected to fall this year at their fastest rate in decades as prices rise and wages fail to keep up.

People on the lowest incomes are the hardest hit by the cost of living crisis, as essentials like gas, electricity and food see the biggest increases.

Economists’ forecasts seem to be darkening with alarming frequency. I’ll be here Monday, May 23 to answer your questions about what it all means.

Many of us will have received alarming letters from energy companies informing us of massive increases in our monthly payments. No doubt you will have noticed that gas station prices are reaching record highs.

More expensive fuel means additional costs for businesses, which will soon be passed on to consumers.

Russia’s war in Ukraine is having an impact far beyond that country’s borders, driving up energy and food costs across Europe.

But the UK’s cost of living crisis has much deeper roots and was already developing long before Vladimir Putin ordered his troops to attack.

Although we are all aware of how rising prices affect us, many questions probably remain.

What is really causing this situation, how could it have happened and what can be done to mitigate it in the short term, as well as to protect ourselves in the future?

I’ll be there to answer your questions live at 1 p.m. on Monday, May 23. To participate, register, then post your questions in the comments and I will answer as much as possible.