Final answer:
High consumer inflation can lead to economic costs, social unrest, and a decline in living standards if not accompanied by wage increases.
Explanation:
The consequences of high consumer inflation can include economic costs of hoarding, social unrest, and a decline in living standards if not matched with wage increases. For example, high inflation rates can lead to shortages of hoarded goods and contribute to social instability. If living standards do not rise along with inflation, it can have significant implications for the economy.
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