[_DeadFred_]

Living expenses are pretty tied to your 'scarcity', yes.

Transportation and home heating or cooling costs will go up when petro products rise. Oil is scarce and globally priced. Gas for the car is 3% of household income. Utilities are 6-7% of income

Fertilizer costs rise. Nitrogen-based fertilizers come from natural gas, and phosphate and potash are globally priced and often imported. That means higher costs for farmers, stacked on top of rising fuel and transport expenses. That's foods already 10-15% of income.

So food gets more expensive from every angle. Inputs, shipping, storage. All of it.

So that's 20%+ of household expenses hit.

Education costs go up too. Foreign students now effectively get a discount if their home currency strengthens and universities are expert at making that squeeze when they have room to raise prices without losing demand (if students still come, if they don't come well...education costs also go up to make up the shortfall of high paying foreign students).