Question

You might have heard your grandmother say, "when i was your age, candy bars cost a nickel." like candy bars, the price of fast food has increased over time. in 1957, the year burger king introduced its whopper, the price was $0.37. in 2015, a whopper cost $3.99.

Answer 1

Yes as an older person, I have seen a big increase in the cost of things like I remember when car gas cost about 55 cents a gallon! While wages and salaries have gone up I don't think that in many cases they have kept pace with the cost of living. I used to get paid $365 per month when I started out in mineral exploration and then at my last job as an employee I got about $5000 per month but even then we struggled to make ends meet to pay the mortgage or rent and buy food and clothing for the kids etc.

Answer 2

Yes this is true. With the passage of time, over the years, the prices of almost all products have risen. From grocery to fuel, from housing to conveyance, from schooling to travelling etc. It is because of the inflation adjustment. Inflation is the increase in the price of goods and services over the years. With the increase in the inflation, the value of the money decreases, resulting in an increase of the prices of everything in the economy. A thing that was once purchased at 50 cents suppose, is now being purchased at say 5 dollars.  This is due to the inflation. But if we go deep inside this example, we need to look for the increase in the salaries of the people as well. Salaries also increase due to inflation.