Some managed to do so, but 10% inflation is exceptional anyways.
Otherwise I don’t agree. Obviously the poor are effected “the most” by any adverse economic effect due to their low coping capacity / economic buffer. But that they are especially affected by inflation is not universally true.
You need to drill down a bit further what inflation actually entails. The common “basket” used for calculating “the” inflation is far from perfect and depending on your consumption pattern you might hardly see any inflation in your personal expenses if it is mainly driven by an increase in energy costs as was the case in Europe during the last year.
Classic inflation aka devaluation of money only effects those that have money (savings). Of course if you have an increase in certain prices due to some external shock this can have a much broader effect, but it is actually wrong to call that “inflation”.
Some managed to do so, but 10% inflation is exceptional anyways.
Otherwise I don’t agree. Obviously the poor are effected “the most” by any adverse economic effect due to their low coping capacity / economic buffer. But that they are especially affected by inflation is not universally true.
You need to drill down a bit further what inflation actually entails. The common “basket” used for calculating “the” inflation is far from perfect and depending on your consumption pattern you might hardly see any inflation in your personal expenses if it is mainly driven by an increase in energy costs as was the case in Europe during the last year.
Classic inflation aka devaluation of money only effects those that have money (savings). Of course if you have an increase in certain prices due to some external shock this can have a much broader effect, but it is actually wrong to call that “inflation”.
So what should I call it when my food budget balloons, because the grocery stores are calling it inflation?
Most likely “greedflation” 😅