We are unable to find any change in code or scripts. It seems there is
any problem with server end, but hosting team also confirmed that they
have no problem with hosting server.
It could be a simple growth in traffic. Or your database of content supporting your site is growing to the point that basic queries for content slow down the site.
The best solution to a question this broad is to install a tool like WordPress Super Cache
to speed up overall performance on your WordPress site. It works quite well by generating static content pages based on WordPress content so each time someone visits your site, PHP & MySQL do not have to strain to generate content. As explained on the official WordPress Super Cache
site:
WP Super Cache is a static caching plugin for WordPress. It generates
html files that are served directly by Apache without processing
comparatively heavy PHP scripts. By using this plugin you will speed
up your WordPress blog significantly.
[…]
WP Super Cache gets around that. When it is installed, html files are
generated and they are served without ever invoking a single line of
PHP. How fast can your site serve graphic files? That’s (almost) as
fast it will be able to serve these cached files. If your site is
struggling to cope with the daily number of visitors, or if your site
appears on Digg.com, Slashdot or any other popular site then this
plugin is for you.