A lack of the basic things that are necessary for an acceptable standard of living. (Cambridge Dictionary)
An act or instance of depriving: Deprivation. (Merriam – Webster)
If you suffer privation or privations, you have to live without many of the things that are thought to be necessary in life, such as food, clothing, or comfort. (Collins Dictionary)
A state in which food and other essentials for well-being are lacking. (Oxford Dictionaries)
The loss or absence of a quality or attribute that is normally present. (Oxford Dictionaries)
Privation. The Free Dictionary.
Terms Bitter pill and Privation are semantically related.