Topic: Have you felt the impact of inflation so far? (Read 1584 times)
Inflation has been increasingly felt because the needs in my place continue to rise, daily needs such as food ingredients experience inflation of more than 15% compared to January, nothing can be done but to continue to think of increasing income, according to government reports that national inflation and recession will be more difficult in 2023.
The government really needs to come up with solutions or increase salaries to support people in this hardship.
I have to tell you that, the government will probably do it, but I don't know how long they will fix it.One of the facts that is common and not a secret anymore is, the government announced a loss and increase in foreign debt while poverty increased and many of them became rich since his leadership. It's no longer a secret, so I think they care more about themselves than people in distress.
Living in a third world country like me may not be as good as you and those living in developed countries. For example, I pay car/motorcycle taxes every year but the roads keep getting potholes and what's amazing is that most of the workers who dominate government services are volunteers who are only willing to earn $20 - $100+ per month.
By the way, this thread is quite long and already has 160+ replies including mine. Honestly I have heard many stories and the impact you feel about inflation. I hope it gets better soon, and the government cares for those in need. This thread is locked now.
I think this is very bad because the government did not adjust salaries to the increase in inflation and now it is exacerbated by the discourse of increasing fuel prices.
They should have but they are not doing anything to increase salary, workers are still earning the same amount despite the high cost of living. If the government where concerned about the conditions of their citizens as they usually claims, they would immediately thought 5%, 10% or more increment to enable salary earners survive the high inflation rate to some extent.
If in the previous 2-3 years $200 - $250 per month was sufficient for an adequate living cost, then the value has continued to increase to $300 - $400 per month in recent months or even higher.
Exactly, things have change drastically since the past 2-3 years what use to be sufficient is no longer close to being sufficient. In the past years, you can sustain yourself adequately with $300 and perhaps have some savings because the cost of living was not this high but that is no more the case.
Things has gone so high that one can barely survive with that amount let alone save anything. The government really needs to come up with solutions or increase salaries to support people in this hardship.
It's the number one thing that I discuss with my clients when financially advising from day to day. Now more than ever is showing my clients how important it is to be diversified with your investments, to not be sitting in low earning/yield savings accounts year after year. The truth is it's been a good lesson.
That said, it's killing me, my clients, my friend, the entire world. The US is around 8-9%, this is a 40 year high for the US. It sucks, I really feel it at the grocery store!
Supermarket and fueling were always the largest expenses in a household. According to my eBanking app, my greatest expenditure so far is at the supermarket, and the second largest expense is fuel. I would have spent a lot more than I've already spent if I weren't working in a hotel and eating there every day and if I hadn't used my motorcycle for the past year.That said, it's killing me, my clients, my friend, the entire world. The US is around 8-9%, this is a 40 year high for the US. It sucks, I really feel it at the grocery store!
Thus, we're paying an average of 10–15% more than what we paid last year, which is unfortunately an understatement since inflation in some products, such as yogurt, milk, or meat, is way higher than in other products.
Don't get me started with fuel. 95 Unleaded petrol wouldn't have cost more than €1.60-1.80/liter before the energy crisis, which is still considered expensive. We're now paying €2.10/liter. Anything below the €2 mark looks cheap now.
Inflation has been increasingly felt because the needs in my place continue to rise, daily needs such as food ingredients experience inflation of more than 15% compared to January, nothing can be done but to continue to think of increasing income, according to government reports that national inflation and recession will be more difficult in 2023.
It's definitely difficult when inflation occurs and we better start learning to manage finances,especially predictions from experts that in 2023 there will be a recession, of course this will make economic conditions more difficult,
as much as possible to reduce unnecessary expenses
The increase in fuel oil in the country where I live has increased, it has quite an effect on people from the lower middle class, why?
although fuel oil has increased, but their salaries have not increased,
while they commute to work every day using a vehicle, their finances will definitely be a bit drained, due to the increase in fuel oil,
not to mention the price of food also goes up, and that adds to expenses again.
that's how it is,
There has not been an increase in workers' salaries, but their daily needs are getting more and more expenses.
although fuel oil has increased, but their salaries have not increased,
while they commute to work every day using a vehicle, their finances will definitely be a bit drained, due to the increase in fuel oil,
not to mention the price of food also goes up, and that adds to expenses again.
that's how it is,
There has not been an increase in workers' salaries, but their daily needs are getting more and more expenses.
Lately, you may have heard local news on TV and other online news on social media about the dark recession of 2023. Even economists in every country say it will be scary starting in 2020 when the crisis due to Covid 19 pandemic. Economically average businesses the average industry declines, and layoffs also occur everywhere.
It's as simple as this: suppose 30 thousand workers are laid off, and their average salary is around $300-$500 per month. Imagine 30K x $300/$500 = $9,000,000/$15,000,000 (the amount of money that should have been earned could be spent. If the amount of money is large enough, it means that the economy will not turn. This amount is only from the salaries of laid-off employees, whereas if followed by other companies, the impact will be more severe, automatically all business sectors, both trade and services will stagnate (economic conditions do not grow but the prices of goods and services rise rapidly).
Whatever happens, saving is definitely number 1 for survival as an emergency fund. Without the need to force yourself on income. Reduce the consumptive lifestyle, because for the sake of winter preparation (Survival mode). Less aggressive in investing, it's okay but to face a bad recession, aggressive investing is risky (reducing the investment portion). Because in reality today we struggle not to live a glamorous life but to survive.
The impact that is most felt due to inflation is the increase in the price of goods, especially the price of basic commodities which are needed for daily consumption. From the increase in basic commodities, the effect is also to increase the price of other purchases such as medicine and shipping costs.
In my area, the first thing that happens because of inflation is the oil price adjustment which is almost $1. Maybe for other countries the price of oil $1 is not much, but for most of our citizens, the price is not appropriate because previously it was only under $1.
In my area, the first thing that happens because of inflation is the oil price adjustment which is almost $1. Maybe for other countries the price of oil $1 is not much, but for most of our citizens, the price is not appropriate because previously it was only under $1.
I am pretty much sure everyone is feeling the impact of the inflation. It's no joke. Anyone that goes to the store to buy food will and does realize that the prices aren't the same and it is going up everyday. You won't be able to buy the same amount of food like you used to before with the same money. Unless you are super rich, this inflation is affecting everyone.
-snip-
If you were in this position, what would you do? Are you sure the savings you have so far can minimize your financial problems from rising inflation?
In the long run, the savings can never win against the rising inflation. You money will lose value if you don't utilize it properly. If you were in this position, what would you do? Are you sure the savings you have so far can minimize your financial problems from rising inflation?
Yes, I already felt it in my country hence gas prices has been blowing the sky prices high which makes really a bad indications that everything will rise up and everything will follow as well especially food costs will be one of the most affected during the inflations. Our economy will be much affected hence many companies are laying off and hope we can pass this and we can survive the inflation waves to come. Even crypto market is struggling due to this inflations.
in my country too,, now prices are increasing again starting from clothing, food and so on. and what makes me sad and feel sorry for that is, for unemployed people who do not have jobs and income. surely they will be more tired in the face of inflation. and I personally can only hope that in the future the world economy will rise and advance.
After the Covid-19 crisis, now this inflation strikes again making everyone suffer the huge price increase. I felt how hard it was when you are a breadwinner of your family and it was hard to budget from a small salary. At this time, we need to budget wisely, even some of our necessities are needed to be cut off just to fit the budgeted amount.
I'd see this will not be over too fast, we still probably feel this inflation until the end of this year, and sadly make many poor people suffer the most.
I was very concerned about those jobless people, I'm not sure of they can survive if this situation will take so long or might commit crimes.
I'd see this will not be over too fast, we still probably feel this inflation until the end of this year, and sadly make many poor people suffer the most.
I was very concerned about those jobless people, I'm not sure of they can survive if this situation will take so long or might commit crimes.
Even in this case not a few rich people are also affected.
Regardless of anything, don't think that the rich don't care about their money because it's a fact that I think the rich are still very much affected by inflation.
Currently in my area a lot of people complain even from all walks of life not only the poor because they feel the difference in prices of some products, especially in terms of food and this is the result of rising prices caused by inflation.
Not a few of them are also rich people which makes me pretty sure that it's not only the little people who are having trouble now.
Regardless of anything, don't think that the rich don't care about their money because it's a fact that I think the rich are still very much affected by inflation.
Currently in my area a lot of people complain even from all walks of life not only the poor because they feel the difference in prices of some products, especially in terms of food and this is the result of rising prices caused by inflation.
Not a few of them are also rich people which makes me pretty sure that it's not only the little people who are having trouble now.
No one is exempted when it comes to inflation. Everyone is highly affected regardless of their status it's just that rich people won't complain too much compared to the poor because they could easily find alternative resources to sustain their living while poor people are having a hard time dealing with the situation because even sustaining their food to survive each day is even hard. Everyone is actually dealing hardly with the situation.
In my country inflation is biting harder on daily basis consequently the cost of food and service had skyrocketed in the market, the common staple foods such as bread is getting out of reach to low income earners, bakers are complaining of high cost of flour which is majorly imported according to a report the Russian- Ukraine crisis was responsible for the high cost of wheat as result of non production consequently triggered the high cost of wheat, another imported staple food rice is also expensive thus people are looking for alternative cheaper staple food eg yam, potatoes etc,
Personally I am also feeling the impact of inflation the lion share of my monthly income is spent on feeding I hadly have any savings, I hope all the crisis causing the inflation stop as soon as possible.
Personally I am also feeling the impact of inflation the lion share of my monthly income is spent on feeding I hadly have any savings, I hope all the crisis causing the inflation stop as soon as possible.
As a diabetic all grains of all kinds are not on my diet.
So Eggs 1.59 a dozen in 2021 now 5.59 or 4.19 at walmart
Frozen broccoli 1 dollar on sale in 2021 now 1.79 or 0.88 at walmart.
all meat is 1.5x to 2.5x the price other than chicken drumsticks and thighs
Wait for a sale and buy 40 pounds for 40 dollars or no sale and pay 60 dollars
Nuts a big food for a diabetic are 2x the price.
Very difficult to find good prices and very important to do so. I now buy 25 pound bags of walnuts price is low enough to make up for the inconvenient size.
In my country inflation is biting harder on daily basis consequently the cost of food and service had skyrocketed in the market, the common staple foods such as bread is getting out of reach to low income earners, bakers are complaining of high cost of flour which is majorly imported according to a report the Russian- Ukraine crisis was responsible for the high cost of wheat as result of non production consequently triggered the high cost of wheat, another imported staple food rice is also expensive thus people are looking for alternative cheaper staple food eg yam, potatoes etc,
Personally I am also feeling the impact of inflation the lion share of my monthly income is spent on feeding I hadly have any savings, I hope all the crisis causing the inflation stop as soon as possible.
Personally I am also feeling the impact of inflation the lion share of my monthly income is spent on feeding I hadly have any savings, I hope all the crisis causing the inflation stop as soon as possible.
True, on my case and for the case of many other. Inflation is totally felt by many and that's why this is a world crisis that we can't avoid. Everyone is simply affected except the rich folks. From the poor to average people, we're all affected and noticed it.
Consuming goods have became expensive, continuous oil price hikes and it seems that it won't stop at all. While we spend a few bucks before, there can be many basic needs that it can be filled, now, you'll have to pay more because of the inflation.
Even in this case not a few rich people are also affected.Consuming goods have became expensive, continuous oil price hikes and it seems that it won't stop at all. While we spend a few bucks before, there can be many basic needs that it can be filled, now, you'll have to pay more because of the inflation.
Regardless of anything, don't think that the rich don't care about their money because it's a fact that I think the rich are still very much affected by inflation.
Currently in my area a lot of people complain even from all walks of life not only the poor because they feel the difference in prices of some products, especially in terms of food and this is the result of rising prices caused by inflation.
Not a few of them are also rich people which makes me pretty sure that it's not only the little people who are having trouble now.
And on the next recovery, that's where they're being rewarded when things have come back to normal and recovered very well. So, let's just say those incredibly rich are the ones that's making a lot and almost not affected and the rich that are down to their level are also affected but not a lot and far from the poor to average earning people.
You cannot waste your money on luxuries.
I really want to cite this one because basically avoiding all the luxuries right now is the best thing to prevent more of the impact of inflation. Even if it doesn't help much, it certainly can prevent them from spending a lot of money on things that aren't much use.How do you handle impact of inflation? What expenses do you cut to lower the impact of inflation ? Eat less or choose lower quality of food or clothes ? Travel less?
The need for food should be a priority, I don't think it should be frugal even if the value continues to increase. Obviously there are several things that must be done to reduce the impact, such as not buying too many things that are not urgent, reducing luxuries, lifestyle and others. This means that one has to be frugal but they don't have to starve just to reduce the impact of inflation.Today, my electricity bill is up 60% from last month. I don't think I've used it over capacity, I don't know how I should adjust this.
In Europe, the impact of inflation feels different. Inflation rate is from 6% in France to 25% in Estonia. An average salary in Estonia is about 1k EUR and 2k EUR in France. Of course the impact of inflation will be different. I think people in Norway does not even feel any kind of price growth with their 5k EUR average salary and 7% inflation rate.
How do you handle impact of inflation? What expenses do you cut to lower the impact of inflation ? Eat less or choose lower quality of food or clothes ? Travel less?
How do you handle impact of inflation? What expenses do you cut to lower the impact of inflation ? Eat less or choose lower quality of food or clothes ? Travel less?
Really good question.
I just gave out about 50 merits on this thread.
How to adjust.
Find more work.
Side hustle .
Are good but we need to make a list of what are we spending on.
1) Food
2) Gasoline
3) Electrical power
Can we cut back on the big three above.
Well If I go to 4 Supermarkets to shop I will reduce my food bill.
But my Gasoline bill goes up
and It takes hours to shop at four supermarkets
How to adjust.
I am in the USA.
Walmart has a large supermarket to drive to it and back = 8 dollars. Time spent shopping and on the line to check out at least 1 hour. If I forget something I need to spend 8 dollars in gas to go get it.
Walmart will deliver groceries . So 5 orders in a month say 100 each is 500
zero gas spent vs 5 x 8 = 40
maybe an hour on the pc spent.
only go to two other supermarket that are close to me on the same trip 5 times a month say 20 in gas to do this.
So I drop my gas bill down to 20 not 60
Between the 3 places to shop I spend close to 1000 in food a month but it would be over 1450 if I did not comparison shop.
This is 12000 a year vs 18000 a year
Don't drive as much to my family in New York From my home in New Jersey this is now 100 dollar round trip vs 35 in 2019
So do 5 trips a year for 500 not 1 a month for 1200
The increase in fuel oil in the country where I live has increased, it has quite an effect on people from the lower middle class, why?
although fuel oil has increased, but their salaries have not increased,
while they commute to work every day using a vehicle, their finances will definitely be a bit drained, due to the increase in fuel oil,
not to mention the price of food also goes up, and that adds to expenses again.
that's how it is,
There has not been an increase in workers' salaries, but their daily needs are getting more and more expenses.
although fuel oil has increased, but their salaries have not increased,
while they commute to work every day using a vehicle, their finances will definitely be a bit drained, due to the increase in fuel oil,
not to mention the price of food also goes up, and that adds to expenses again.
that's how it is,
There has not been an increase in workers' salaries, but their daily needs are getting more and more expenses.
In Europe, the impact of inflation feels different. Inflation rate is from 6% in France to 25% in Estonia. An average salary in Estonia is about 1k EUR and 2k EUR in France. Of course the impact of inflation will be different. I think people in Norway does not even feel any kind of price growth with their 5k EUR average salary and 7% inflation rate.
How do you handle impact of inflation? What expenses do you cut to lower the impact of inflation ? Eat less or choose lower quality of food or clothes ? Travel less?
How do you handle impact of inflation? What expenses do you cut to lower the impact of inflation ? Eat less or choose lower quality of food or clothes ? Travel less?
I am traveling often in my country in several cities (from north to south). What I have seen is that big cities ("the richest") are seriously impacted by inflated prices at a strong level. Likewise in certain situation even "price doubled".
The same applies in touristic cities (likewise city of art or near the sea).
Minor cities, or "poor" cities have not this situation, sometimes price are the same for many services.
This inflation rates It's just speculation? I don't know but from my perspective I think this could be a serious issues for several people ...
The same applies in touristic cities (likewise city of art or near the sea).
Minor cities, or "poor" cities have not this situation, sometimes price are the same for many services.
This inflation rates It's just speculation? I don't know but from my perspective I think this could be a serious issues for several people ...
We are experiencing inflation yearly because our fiat money is slowly depreciating.
The problem right now is, it went very high that most of the people especially in the 3rd world countries aren't ready for it.
As for me, I felt it so much. Fare here in our country is higher than what it is a year ago because of the increase in Oil. Prices of commodities are going high because inflation is high. The unfortunate part is some of the people here in our country isn't ready for it and they are doing the best that they can just to survive. Some only eat twice a day instead of three. Some are finding a 2nd source of income aside from their primary income source. There are some who are gambling as well just to have money to be used in their daily lives which is the thing that I don't want to do myself. There are some who are just begging around the streets just to have money which is the sad thing.
Food prices increased because of inflation, and it is affecting all of us. The salary of most of the people here increased but not enough. I felt the impact of inflation but lucky for me, I'm ready for it because I have emergency funds that can be used if needed.
The worst thing about this inflation is that it touches already our emergency funds just to cope up with our expenses when it’s supposedly intended to spend only when there are unforeseen emergencies that are happening suddenly. So the thought about it made me more realized that what if this inflation will hit its peak and become uncontrolled, would people still survive? Well, maybe this would be the time that even rich people should also learn to balance their wants and needs, and these poor people will double their jobs just for survival alone. The problem right now is, it went very high that most of the people especially in the 3rd world countries aren't ready for it.
As for me, I felt it so much. Fare here in our country is higher than what it is a year ago because of the increase in Oil. Prices of commodities are going high because inflation is high. The unfortunate part is some of the people here in our country isn't ready for it and they are doing the best that they can just to survive. Some only eat twice a day instead of three. Some are finding a 2nd source of income aside from their primary income source. There are some who are gambling as well just to have money to be used in their daily lives which is the thing that I don't want to do myself. There are some who are just begging around the streets just to have money which is the sad thing.
Food prices increased because of inflation, and it is affecting all of us. The salary of most of the people here increased but not enough. I felt the impact of inflation but lucky for me, I'm ready for it because I have emergency funds that can be used if needed.
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