Topic: Have you felt the impact of inflation so far? - page 5. (Read 1583 times)

I know that the inflation rate of each country is different and the relative for each country is different. In my country, this inflation continues to rise which causes a lot of influence on the economic stability of many people "including me". 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.

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 for the class of rich people. This had an impact on my financial stability where sometimes I had to sell some of the bitcoins I earned from signature campaigns to provide for myself and my family. The value of the currency is increasingly worthless, the value of the currency of goods continues to increase and even the increase becomes uncontrollable.

I have to pay the electricity bill 2-3 times more expensive for normal use. I also have to bear more expensive taxes, and many other things that I may not mention. It really doesn't make sense when the government doesn't seem to care because I can tell that the weak are getting oppressed while the strong are getting stronger.

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?

I know that the inflation rate of each country is different and the relative for each country is different. In my country, this inflation continues to rise which causes a lot of influence on the economic stability of many people "including me". 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.

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 for the class of rich people. This had an impact on my financial stability where sometimes I had to sell some of the bitcoins I earned from signature campaigns to provide for myself and my family. The value of the currency is increasingly worthless, the value of the currency of goods continues to increase and even the increase becomes uncontrollable.

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?

BIIIIG TIME. I have been living a bit worse, have debt on top of that, and I haven't had a good nights sleep for a long time all because of inflation. I have been trying to find a way to make more money, or at least like an investment that could bring me money, because I do not have time to work anymore, I am already working a lot, so I needed an investment that will make an income for me and failed that too.

Crypto helps a ton, I am grateful for crypto but all the other things has shown that we can't really trust fiat world and inflation as a way of saving us, it is not going to. Governments do not even care about the high inflation to be fair.

The increase in fuel prices triggers an increase in all other basic needs, meaning that the government indirectly approves all aspects of the increase in the price of goods and services, the condition of the people is very screaming and the lack of jobs available from the government will increase the poverty line, but they outsmart the increase in fuel prices by distributing financial assistance to poor people in reducing the demonstration of fuel hikes from various communities or civil society forums. The announcement of an increase in fuel prices of up to 40% is a failure of the government to improve the welfare of the people, especially in conditions of high inflation.

Yes, it will be done soon and maybe on September 1 it will be implemented. People are getting more and more tormented because of government policies, they think that the state's loss is only because of the people but they forget that the corrupt political elite is the cause of the problem. I don't know if they would consider the impact of the hike on low-income people, but they don't seem to care and will anyway.

In the midst of severe inflation, the government came to a conclusion that really made the people suffer, this is a condition that we did not expect. 30% to 40% increase in fuel is bullshit.

If the discourse of increasing fuel prices will actually be carried out (it will definitely be done) it will make it even more difficult for low-income people to meet the necessities of life.

I agree with you both. The alternative option of a side job is something I need to think about now. But of course it is difficult to get a job if the skills are insufficient, but perseverance and faith will help to get out of trouble.

Looking for a side income, it can be anything as long as I can do it according to my abilities and skills.

Seeking alternative options is a decent strategy.

Nobody can hide from the impact of inflation, no matter if you are rich, middle class or poor. The people suffering the most are the poor and middle class... and you will find with the higher unemployment after the impact of the Covid pandemic... a lot more people moved from the middle class to the poor category.

I have to say even though I felt the hurt of inflation, I did not felt it as much as the very low income people of my nation. Why? Because I make my income with dollars, so my salary is in dollars, whereas they have a salary in our fiat, and they were already making less than me, and with our inflation being like a million times worse than USA, the rate between our fiat vs dollar went up too.

Hence, I make more than most people in my nation, it is a decent wage, like a very good job, not business or company level, just like someone with a good salary so it is not insane. But people who make the minimum wage? Those people are living in poverty right now, barely find food to eat, it is really terrible, there are more and more people dying of starvation right now and in 2022 starvation shouldn't be a problem if you ask me.

And that is how inflation later on can lead to a deflation, as the price of everything begins to go up and the salary of the people remain at the same level people begin to only buy what they truly need, this means that any luxury they wanted to buy is going to be put on hold indefinitely, this in return slows down the economy in a process that feeds itself, and that at some point it becomes impossible to stop, no matter how much money governments try to print in order to encourage people to spend their money.

I have the same struggle, I have a car and I only go with important errands and travels but still, with the high price of gas I still need to budget my travels.
And for the basic necessities, they're being lesser these days and due to the inflation. Most foods that we consume, we're no longer storing a lot of it unlike before since they're cheaper and more affordable.
To those that owns a car, if it's not an important travel, just commute or better stay at home.

And I think food is where a lot of lower-income folks can't afford to cut back on, like they can with electricity and some other things.  There are so many people dependent on government assistance for food, and I'm pretty sure the amount they get every month doesn't track inflation very well.

The cost of postage from the USPS is expected to go up again this year, too.  Buy those forever stamps now while they're relatively cheap.

Well , we have to face the fact that the production cost spike high and it affects everything around , so no wonder if shit happened like this , all is because of the ukraine - russia war .. we have to admit it , the global price movement affected so much even in the post - covid19 where we thought everything must be get backup soon.

But the reality we are on another level of inflation.

I feel it almost every other day in my country. Worst part is, it never improves. I mean, you go to the market to make some purchase or even give som service man a contract to work a job for you, should you guys not come to terms on the price of materials needed at a time, he or she immediately warns you of inflation. It's always like, next week or even tomorrow, the price might go up. Unfortunately, it always does! It's that bad or sad in my nation and I just experienced one today.
Actually contracted a guy to do some job for me, he gave me his cost estimate including service charge from prior experience of 2weeks ago from a job he delivered another client. Only to go get the needed materials today and the price has increases by 20% of the formal. WTF is that!!!

Of course... Everything I purchased last year is more expensive this year. Oil, gas, food, water, snacks, bills.. anything you name it. It is impossible to ignore the inflation. Even the very rich people are complaining.  The Fed says they will fight the inflation by raising the interest rates and they won't stop till the inflation comes down to 2%. That means the economy will get fucked up pretty badly because if the interest rates goes that high, there will be a recession. The economy will simply stop.

Here in our country prices of commodities such as egg, chicken, pork, cooking oil, sugar, electricity, and gasoline almost doubled compared to its price 12 months ago. My salary is just enough now to cover the basic monthly expenses unlike before that I can treat myself during paydays and still able to save some. Minimum-wage workers here now are complaining about the inflation because their salary is not enough anymore to sustain them. Their salaries is almost half of their utility bill that only few amount is left for them to spend until next month.