Cost of living: Your questions answered on inflation, rising prices and falling wages

What is really causing this situation, how has it been allowed to happen and what can be done to alleviate it in the short term? Ben Chapman answers your questions

Your questions answered on the cost of living (AP/Vincent Yu)

Living standards are about to fall at their fastest pace for at least three decades, or perhaps since the 1970s. Economists forecasts seem to get bleaker with alarming frequency.

Prices are already rising much faster than wages and things are expected to worsen significantly this year.

Many of us will have received alarming letters from energy companies informing us of massive increases. If not, there’s no doubt you will have noticed prices on petrol forecourts hitting record levels.

Pricier fuel means extra costs for businesses which will soon be passed on to consumers.

Russia's war in Ukraine is having an impact well beyond that country's borders, pushing up energy and food costs across Europe.

But the UK's cost-of-living crisis has much deeper roots and was already building long before Vladimir Putin ordered his troops to attack.

While we are all aware of how rising prices are affecting us, many questions likely remain.

What is really causing this situation, how has it been allowed to happen and what can be done to alleviate it in the short term, as well as protect us in future?

I’ll be here to answer your questions live at 3pm on Wednesday 16 March. To take part, register, then post your questions in the comments and I’ll answer as many as I can.