Role of exogenous factors on the rising cost of living

A 3000-word essay will form Part II of the assessment for this unit and will comprise 80% of the overall assessment. In answering the question students will be required to evaluate and analyse a range of sources in order to develop an argument. The essay should offer a considered argument or point of view supported with evidence, data, case studies (where relevant) and other examples and information from a variety of sources.
With reference to the UK or an international case study, critically discuss the role of exogenous factors on the rising cost of living.

Sample Solution

The cost of living has been increasing. For example, in UK the annual rate of inflation reached 11.1% in October 2022, a 41-year high, before easing to 10.7% in November 2022. High inflation affects the affordability of goods and services for households. Consumer prices, as measured by the Consumer Prices Index (CPI), were 10.7% higher in November 2022 than a year before. Increases in the cost of consumer goods, underpinned by strong demand from consumers and supply chain bottlenecks, have been factors causing rising inflation. As well as the humanitarian, military and political impact of Russia`s invasion of Ukraine, there are implications for the world economy.

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