Cost of living crisis

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xandreu
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Cost of living crisis

Post by xandreu »

I'm seeing lots of videos and posts all over the internet from the USA to Canada to the UK and everywhere inbetween about the astronomical prices of goods in shops. Not that I use Twitter much, but of the few times I have recently, there are videos of people sitting in their cars after shopping, literally crying about the cost of things, (I'm aware of the mild irony of, y'know... sitting in your quite nice looking car, crying that you have nothing). But it's not only food but energy, rent, mortgages etc... with many saying they are in deep financial trouble.

I saw a video just yesterday of a guy (American) with, I'd say about $20 worth of food laid out on his table, saying that it had cost him almost $100.

I know people in my own country of the UK have been going through this for a while now, but it seems to be getting worse and spreading further afield.

So far, I haven't noticed any difference of the price of things in Cambodia. Western goods are quite expensive but they always have been. They don't seem to have got any more expensive though. Energy bills and rent seem to have remained stable, for me at least.

Does anyone think this cost of living crisis will make it over this way at some point?
The difference between animals and humans is that animals would never allow the dumb ones to lead the pack.
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Kammekor
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Re: Cost of living crisis

Post by Kammekor »

xandreu wrote: Wed Aug 16, 2023 5:13 pm
So far, I haven't noticed any difference of the price of things in Cambodia. Western goods are quite expensive but they always have been. They don't seem to have got any more expensive though. Energy bills and rent seem to have remained stable, for me at least.

Does anyone think this cost of living crisis will make it over this way at some point?
Prices in Cambodia are without any doubt already higher than pre Covid. Not just Western products but also local stuff like rice, veggies & meat.
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Re: Cost of living crisis

Post by Username Taken »

Do you need to be logged in to Twitter (X) to see this? idk

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Alex
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Re: Cost of living crisis

Post by Alex »

As the saying goes... let them eat cake!

(And see what will happen, sooner or later but inevitably. )
Bongmab69
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Re: Cost of living crisis

Post by Bongmab69 »

Living partly in belgium and spain, i do notice the prices have gone up, it seems anout 15% on grocery. And indeed, everybody crying about that. I had before covid about 200 euro monthly on groceries, thats should be now about 230 what i can believe. If i go have a drink in a small town in belgium i spend easily 30 euros in an afternoon. In my eyes prices are up, but i dint care, if you cut in some "luxary-costs" (as going to a bar) your balance is still okay in my case. AS long as in my country bars and restaurants close because they cant find staff, i think we are still doing very well and nobody is starving as long as people are not interested in working. Its just to what you want to spend your money !! ??
If prices are up 15% and you buy 15% less, there is no problem !! ??
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Re: Cost of living crisis

Post by Newinkow »

Kammekor wrote: Wed Aug 16, 2023 5:17 pm
xandreu wrote: Wed Aug 16, 2023 5:13 pm
So far, I haven't noticed any difference of the price of things in Cambodia. Western goods are quite expensive but they always have been. They don't seem to have got any more expensive though. Energy bills and rent seem to have remained stable, for me at least.

Does anyone think this cost of living crisis will make it over this way at some point?
Prices in Cambodia are without any doubt already higher than pre Covid. Not just Western products but also local stuff like rice, veggies & meat.
I spend half my year in KoW (Nov to Apr) since Nov 2017. I cut my 2019 short and went home in Mar 2020. My 1st trip post covid-19 was this year (Nov 2022). I have gf and kids (not mind) there.

My last trip back after 2 years away, for local stuff, I haven't seem a drastic increase in cost. Just your basic standard increase over time (basic inflation).

A 50kg sack of rice is still $30. If memory is correct pork up from avg 3.80 to 4.50. Chicken from 2.75 To 3.25. Fruit, veg and staples again up slightly. To be expected IMHO. Like the OP stated rent electricity and water has been the same. Don't know LPG bcuz we use to used those little canister stove b4. Now we have a two element stove that use those big tanks. It cost us $30 to refill (I think for 30kg).

Going out to eat hasn't really increase that drastically. Local food has been relatively the same. Maybe a bit of strinkflation happening. Western has maybe gone up a tad.

Gas is one of the few items that has gone up significantly. Bake good has gone up a tad more then basic inflation. To be expected bcuz of wheat supply issue (Ukraine war)

Now here in Canada, cost of living has gone thru the roof since early 2022. Bread from 2 to 5 per loaf. Dz eggs 2.50 to 5.00. Butter 3.00 lb to 7.00. Protein on avg up 30%. Housing/rental cost has skyrocketed due to central banks monetary policy of increasing the interest rate. We have had 10 increase in that time frame. Went form 0.5% to current 5%. Our utilities cost has gone up 30%. Fuel cost has skyrocketed also. Eating out has gone thru the roof. Just some examples of the challenges we are facing here.

Sorry for being slightly off topic. Back to the OP question about if it will spread to SE Asia.

Personally I don't think it will spread too drastically over here unless major global economy crisis happen.

My opinion. The start of the "inflation cycle" in the West in early 2021 was cause by one major factors. Supply chain issues cause by the pandemic war in Ukraine and natural disaster. Not by a "hot" economy. Although our real estate market prior to interest rate hikes were over heated. We were warned about the "bubble". Most choose to ignore the warning. Basically it's been hot since 911. Mass injection of cash by gov't worldwide to flight terrorism thru deficit financing. Pumping money into the economy and keeping inflation rate lower. Even branches of gov't were created (dept of homeland). To be fair we had I scare in 2008 with the sub prime crisis. Again gov't throw money at the problem. Monetary policy by central banks was to keep Interest rate low. Real estate rebound and kept soaring.

Once inflation started central banks used their standard strategy to combat inflation: raise the interest rate. During low inflation, central banks were hesitant to raise inflation rate bcuz of the hot real estate market.

As stated earlier, this round of inflation was not caused by hot economy but from supply chain issues that we had no control over. We are a resource base economy. Most of our basic supplies are imported or transport nationally at great distance/cost (we are a big country in term of land size with a small population spread out the country ).

Then central banks compounded the problem by raising interest rate. Mortgage has gone up bcuz of interest hikes. Rentals have skyrocketed bcuz of supply/demand issues. Increase immigration.

The major factors causing the inflation here are groceries housing and energy/heating. These are our basic needs to survive.

Groceries there's not much we can do without gov't enact legislation. Although I personally think they are using inflation transportation cost and supply chain issues as an excuse to price gouging.

For energy and housing, this was caused by the policies and legislation used by the central bank and gov't.

By aggressively raise interest rates, they are creating financial hardship for those who are renewing or on a variable mortgage. With increasein immigration over the last 5 years has cost a supply issue. The govt has done nothing to address this issue pre inflation crisis. All this costing a drastic increase for housing.

Energy cost has skyrocketed bcuz of legislation enacted by the gov't. Gov't imposed a national carbon tax on energy to combat Climate Change. They are stubbornly resistant to revoke or reduced it. Thus cause a spike in energy cost felt throughoutthe economy at all levels.

My opinion, this round of inflation was cause by the central bank used of their monetary policy of rate hikes. They should of started to raise the interest when the real estate market was smoking. They should of taken measure to slow it down for a soft landing. Instead they kept rates low to maintain a hot market. People over extended and paid the asking to get in to the market. Very similar to sub prime crisis. Now those people are paying the piper.

The gov't carbon tax is causing major increase to food supply cost. From producers/farmers, transportation, wholesalers and retailer. All these cost are passed on to the end consumers. Also the carbon tax is being felt by the consumer at the pumps and home utilities cost.

That's my view on the current situation of cost of living (inflation) that's happening here. This was caused by central banks actions/inaction and gov't inaction and legislation. That's why I don't see the cost of living increasing anytime soon in KoW.

KoW, for the basic locals are not too involved in the real estate market. In the major cities (IMHO) regular locals can't afford home ownership. But there are an over abundance of rental options available at very affordable price. So there are no major cause for rentals to increase. Can't own, can rent. Unlike here can't own, can't rent.

As for food supply, most of basic supplies are locally source and supplied. No major transportation or supply chain issues.

Lastly the gov't will not enact legislation for social justice. I'm not opposed to the carbon tax but during these financial crisis it's just piling on to the hardship.

Sorry for the long winded post. These are simplified explanations to the issues. Get more complicated once you drill down to the details.
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truffledog
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Re: Cost of living crisis

Post by truffledog »

Here in Italy we feel the inflation too

Rents and monthly mortages have gone up. Heating costs habe doubled last winter. (from average 1k to 2k)
coffee from 1 Euro to 1.20-140
beer at the bar from 2 Euro to 2.50
cigarettes from 5 to 6 Euros
restaurant workers menu from 12 to 15 Euro
pizza generally +1 Euro
fruit and veggies from 50% to 100% more expensive

Overall I think that an average person has spent at least 2-3K more within the last 2 years. Goverment stats say its +13.9% (june 2023 vs june 2021)
work is for people who cant find truffles
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newkidontheblock
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Re: Cost of living crisis

Post by newkidontheblock »

Weekly shopping used to cost 75-100 dollars, now it’s 125-150. Of course when missus was away, grocery shopping costs fell. Restaurant food costs rose dramatically. Restaurants used to be 5-15 dollars/entree, now 20-40 dollars.

This is the US, Texas. Other places my vary.
stevenjb
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Re: Cost of living crisis

Post by stevenjb »


newkidontheblock wrote:Restaurant food costs rose dramatically. Restaurants used to be 5-15 dollars/entree, now 20-40 dollars.

This is the US, Texas. Other places my vary.
The cost for eating in a restaurant in the US has gotten crazy high.


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Doc67
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Re: Cost of living crisis

Post by Doc67 »

After 2 months in the UK, I could see that prices were more than last year, sometimes by as much as 50% for odd things (Lurpack is now £7 WTF?) Fish and Chips are now £15 and upwards, but after 5 pints of Kronenburg is still an absolute bargain.

What I did notice was pub/restaurant offerings. There seems to be a trend towards cheaper cuts of meat, such as flank or hanger steaks (AKA Onglet or butcher's cut), which are tougher and cheaper. It seems quite hard to find the traditional Fillet/Ribeye/Rump steak as these would now need to cost £60/£50/£40 each (with a normal 300% mark-up) and few are willing to pay that. Personally, I never order a steak, it was always a big waste of money, I want them to earn their money by making something that I can't (or can't be bothered). It seems others have caught on.

You can't find a side portion of chips for much less than £5, which they justify by using poncy descriptions such as naming the potato breed/grower, adding organic/sustainable, hand-cut, double cooked, etc. "As cheap as chips" will soon disappear from our lexicon.

As a side note and a pet gripe of mine.... the use of completely bullshit descriptions on menus is definitely on the rise, often making the description unintelligible. This is all to convince you to pay a lot for very little. If English is not your first language, good luck with Google Translate unpicking the nonsense.

For example:

Avocado on toast with a poached egg (Hipster fucktardary and a sure sign your neighbourhood has been 'gentrified') can now run to 40 words of description:

Avocado must be smashed (never simply mashed) and from somewhere exotic like Chile or Mexico and of course organic and sustainable (Aldi, 50p each, so 25p per portion);
Artisanal organic, multigrain hand-cut bread toasted to perfection (1 slice 20p from anywhere);
Soft-poached free range organic Cotswold Burford Brown eggs by Clarence Court (Tesco, 50p each),
lightly seasoned with Maldon sea salt flakes and organic crushed peppercorns etc (2p).
Total cost: 97p

And with a little magic and gullibility, this lot will cost you £10+, and with a coffee that'll be at least £15 and may even get you a 12.5% service charge too! All for yet another Instagram photo.

On the bright side, at least they have stopped covering everything in fucking pomegranate seeds.
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