Rising inflation, living cost - What do they mean? How do they affect daily life?

With prices generally on the uptrend, one is likely to hear a lot about rising inflation and living cost. What do these terms really mean? How do they affect ones daily life? The living cost view is often confused with inflation.

IF a household wakes up in the morning and heads to the local grocery store only to find out that the local currency is not stretching as far at the store, it is incorrect to say the household is merely imagining things.

With prices generally on the uptrend, one is likely to hear a lot about rising inflation and living cost. What do these terms really mean? How do they affect ones daily life?