Have you felt the impact of inflation so far?

[landheer]

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.

[adzino]

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.

[yudi09]

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.

[naira]

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.

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.

[SaveOurSea]

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

[Ultegra134]

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.

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.

[Bitstar_coin]

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.

[ShowOff]

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.