Answer:
Inflation
Explanation:
Inflation is defined as a general rise in price of goods and services in an economy. It can occur as a result of increase in cost of production of goods forcing suppliers to increase price in order to keep making profit.
Inflation can also occur because of increased demand for a commodity. Buyers are willing to pay more for the product.
Colby in the given scenario wanted to get a high paying job that would allow him to start saving for his first house and also make contributions to his retirement plan.
However because of high grocery bill, car payment, and gas payments he is unable to save.
During his college days gas and food were note affordable.
He is experiencing the effect of inflation that resulted in increase in price of food and gas
