Price Hike: Causes and Consequences Price hike refers to the sudden or gradual increase in the cost of goods and services. It affects everyday life by making essential items like food, fuel, and clothing more expensive, putting a strain on household budgets. Several factors cause price hikes, including inflation, increased production costs, supply chain disruptions, and higher demand. For example, when the price of raw materials rises or transportation becomes more expensive, businesses often pass these costs onto consumers. Government policies, such as taxes or tariffs, can also contribute to…
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