How does inflation affect the standard of living of the population?

Inflation has an extremely negative effect on the standard of living of the population. As a result of inflation, the real incomes of citizens decrease, which in turn entails a loss of motivation for workers to work. The rise in prices for goods and services with a simultaneous decrease in income leads to the lack of opportunities for the population to accumulate and save, which has negative consequences for the banking system of the country – the deposits of the population and the financial capabilities of banks decrease. The quality of the products produced in the country is decreasing due to the drop in consumer demand and the desire of manufacturers to reduce the cost of products / services. The part of the population that receives a fixed income is particularly affected by inflation, because The indexation of these incomes is much slower than the rise in prices; this category includes all recipients of social benefits and pensions (pensioners, disabled people, etc.) and public sector employees.