Is the information in the universe increasing? As per what I know high entropy state requires more information to describe it as they are more random. Our universe is constantly moving towards high entropy state. So is the information needed to describe the Universe increasing and as information and energy are linked can we say the same thing about energy?
 A: Let's be careful with not conflicting the concepts here.
First, note that at the start you refer to the lack of information about the Universe when you say "...the information needed to describe the Universe is increasing" -an interpretation in which we think that we have a message to be decoded captures it well- but then you continue your question with an inference that the information that is stored in the Universe should be increasing. Let's distinguish between the hidden information in a system that is attributed by an observer, and the total information stored in the system itself. When we consider entropy in the informational sense, we refer to the first one. 
Now, let's modify the object of your question and talk about a classical system instead of "the Universe". In a physical system that is governed with Hamiltonian dynamics, we have reversibility, and this causes information to be conserved. But... we also know that the entropy of this system increases (now in the very physical sense of entropy, however, this is also related to our informational entropy)? What is going on?
The answer is already given in the first paragraph above; entropy does not quantify the total information stored in a system, it only gives a measure of information that is hidden -- and increase in hidden information does not necessitate an increase in total information.
This distinguishment is captured in physics through two distinct conceptualizations: coarse-grained and fine-grained entropy; you may want to read about these.
About the part of your question that considers the link between information and entropy, I will assume that information here actually signifies coarse-grained entropy (which increases as dictated by the Second Law). We should note that an increase in entropy does not need to be accompanied by an increase in energy. A crude example here is free expansion. Therefore no direct implication for violating the energy conservation through entropy increase can be found. 
Things become strange when we think of the links between informational entropy and thermodynamical entropy. Not all the systems which can be captured in the informational realm can be captured in the physical one. This seems to create a hierarchy of entropies. To have a more solid understanding of this all, you might also want to read some of the classical pieces on the topic by Jaynes, Bennett, and Parrondo (last work included is a more recent one).
A: Gulce Kardes gave a very good answer, I would add this: 
Information does not characterize the system but the observer. When we say that entropy increases as a result of a process we mean that at the end of that process we (the observer) realize that more things have happened than what we had anticipated before the process took place. How do we "anticipate" the outcome of an experiment? We write differential equations for all of its moving parts (physical particles), we give them initial  and boundary conditions, and then we solve them. If there are moving parts we don't know about, or if the initial or boundary conditions are not fully or precisely known, then our predictions will not agree with the experiment quantitatively. Entropy is a measure of how far off we ended up. If we hit the answer exactly, we call the process isentropic; if we are off, we call the process irreversible and assign an amount of entropy generation to account for the information that was missing from our calcualtion.  
A: I suggest (as a radical idea), that the information content of the universe is decreasing in the direction of (the arrow of) time, for any observer in the system. What do those with a better understanding of physics think of this proposition?
The reason, I suggest, is one of censorship due to the expansion of space at a pace which exceeds the speed of light. A photon leaving our sun today will therefore never reach the objects at the current edge of the observable universe; the distance between the sun and those objects is increasing faster than the speed of light. If we cannot observe, measure or interact with an object, I suggest it is not meaningful to state it exists, or to describe it's properties (we don't know, but we could guess) and thus we have no useful information about it. To be more precise we could say the certainty with which we know it's state reduces over time (the time since we were last able to observe or interact with it). Either way our knowledge of it reduces over time.
I appreciate that the totality of information in the whole space-time of the universe is unchanged using the reasoning above, but the argument is critically about an observer. There is an interesting question that follows, as food for thought. If the above held for every observer in the universe, and there were no extra-universal observers, is it meaningful to say the total information in space-time is constant? I suggest not.
Importantly, the argument above is invariant to the definition of information. It only asks that we agree that what is not knowable is not informative (to an observer). If a tree falls in the wood, does it make a sound?
