We are in a spiral worldwide. As Saajan says, fuel costs are driving up the cost of everything.
Also the explosive economies of India and China are creating a middle class with money to spend on things never imagined even a decade ago. So they are buying cars and even more fuel. The demand for electricity is also a factor. It is often even more limited in supply that fuel and while construction of dams and generators help spur local economies, they also require more fuel to build.
Virtually everywhere, with some dreadful exceptions, the standard of living for everyone is rising. Not mine, but overall.
As someone old enough to remember the first time the Middle East joined into their cartel and raised the prices to the point that in the US there were odd and even days to buy gas, if you could find any, I can tell you we will survive. (Driving to an out of state funeral during that period is an experience I will never forget.)
I had bought a piece of land on the water just prior to that time and was having a home built. The price of many materials virtually doubled from when I contracted the house and it was complete. The developer I bought it from offered me a sizable profit to not move in, but to sell it to him. Doing do would have resulted in at least a divorce, if not death, as it was my wife's dream house.
Not only did the US and the world survive, but I now own property that has increased by over 6 times it's original cost. The land itself nearly 10 times my cost. This is by an annual appraisal, so while it might be down a bit, it's pretty close.
I'll tell you what I have always done when "times get tight", when the economy takes a downturn. Get ready, I'm about to reveal a golden secret.
Nothing!
Just keep living as always, buy if I can, do without until I do have the money. Yeah, a trip to the store might be made in my wife's VW Bug instead of my Suburban, but we still go where we have always gone, do what we've always done. And eat what we've always eaten.
Ignore it and it will go away......
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