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When petrol and especially diesel prices go up, all price levels tend to increase.The high cost of living can be generally attributed to the escalating oil prices.In the early days, the father of a family would be the sole breadwinner and with his earnings, his family will build a house, educate the children and save for the future.
The largest share of Sri Lanka’s import bill is for importation of oil.
Any oil price shock, due to unrest in the middle east, terrorism, political volatilities or lack of supplies due to other reasons could see a sharp increase in the oil prices.
It then reports the result as a percentage rise or fall.
Cost of living, on the other hand, is a more focused picture.
As the cost of home loans goes up, many consumers are squeezed out of the market, leading to a slowdown in home sales.
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With homes on the market for longer periods, sellers tend to drop their asking price to attract buyers.
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.
To compensate for the rise in prices, consumers tend to buy less, switch to less-expensive substitutes or drive farther to find bargains.
It’s especially difficult to keep up with the rising cost of living when your paycheck isn’t growing at a similar rate.