Thank you for the opportunity to help you with your question!
Item prices keep on rising as a result of higher production
costs as well as supply and demand forces. Inflation is triggered by the
average rise of prices in the economy. The cost of living rises with
rising inflation and vice versa. It's important to tighten your belt
and keep a sharp eye on your household budget during periods of high
inflation to make ends meet. So, lower standard of living due to no income is an economic impact of unemployment on the individual.
Please let me know if you need any clarification. I'm always happy to answer your questions.
Aug 2nd, 2015
Standard of living of an individual is determined by their access to resources , which comprise of both cash and non-cash income.