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Thread: Price Increases and Inflation

  1. #101
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    Quote Originally Posted by gimmethesimplelife View Post
    Once again, I'm an outlier.....nothing new in my case LOL. With these price increases, I actually want to buy less and have less and save more - prices rising quickly makes me want to walk away from consumption more. Rob
    Same with me. Price increases always have me questioning my wants versus needs.
    To give pleasure to a single heart by a single act is better than a thousand heads bowing in prayer." Mahatma Gandhi
    Be nice whenever possible. It's always possible. HH Dalai Lama
    In a world where you can be anything - be kind. Unknown

  2. #102
    Senior Member Teacher Terry's Avatar
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    I really feel sorry for people barely getting by because of low incomes.

  3. #103
    Senior Member jp1's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    I really feel sorry for people barely getting by because of low incomes.
    The minimum wage should be tied to CPI.

  4. #104
    Senior Member Klunick's Avatar
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    I noticed this morning on my way into work that gas prices jumped 6 cents over night. Going home yesterday, they were $2.99 and this morning, $3.05. So glad I don't live near where I work. Northern VA prices on everything are ridiculous but where I live in Southern MD, they aren't.

  5. #105
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    Brazil production of Arabica coffee beans is expected to be 15 million bags less this year compared to 2020. Prices of Arabica beans have generally been increasing since May 20, 2019, when the reported price was USD 0.93 per pound.
    July 13, 2021, price had increased to $1.522 ... the upward price trend is well established.

    During the past 45 years, the prices of Arabica beans have swung in a range between dramatic lows and highs ("sky" highs!)
    March 31, 1975 $0.49
    April 4, 1977 $3.23
    Sept 28, 1992 $0.57
    May 5, 1997 $2.18
    Oct 29, 2001 $0.45
    March 14, 2011 $2.76
    May 20, 2019 $0.93

    The duration of price swings from a bottom to a top ranged from 2 years to nearly 10.

  6. #106
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    Quote Originally Posted by happystuff View Post
    Same with me. Price increases always have me questioning my wants versus needs.
    A rational consumer may respond to higher prices by delaying a purchase, buying a lesser quantity, or deciding the item is not truly needed at all.

    The question of wants versus needs can lead to interesting discussions.
    For example, consider a mink coat:
    to a furrier's customer, a want;
    to the mink, a need.

  7. #107
    Senior Member Teacher Terry's Avatar
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    I was reading what Carl Sagan said in 1995 that when the US went from a manufacturing economy to service we were going to experience many social problems. Back then minimum wage jobs were for kids. You need decent paying jobs for unskilled workers which is what many manufacturing jobs were.

  8. #108
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    Quote Originally Posted by dado potato View Post
    A rational consumer may respond to higher prices by delaying a purchase, buying a lesser quantity, or deciding the item is not truly needed at all.

    The question of wants versus needs can lead to interesting discussions.
    For example, consider a mink coat:
    to a furrier's customer, a want;
    to the mink, a need.
    LOL. I think the mink should be able to keep its coat!
    To give pleasure to a single heart by a single act is better than a thousand heads bowing in prayer." Mahatma Gandhi
    Be nice whenever possible. It's always possible. HH Dalai Lama
    In a world where you can be anything - be kind. Unknown

  9. #109
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    Consumers' expectations of inflation are rising.

    A monthly survey of 1,300 households was launched by the New York Federal Reserve in 2013.
    The median expectations in August were:
    1 year inflation in all prices 5.2%
    3 year annual inflation in all prices 4%
    1 year inflation in rent 10%
    1 year inflation in food prices 7.9%
    1 year inflation in prices of medical care 9.7%

    These median values are the highest inflation ever expected by consumers since 2013.

    On May 13, 2021, Larry Summers stated in his recorded comments at Coindesk Conference: In a super permissive fiscal environment, if inflation expectations are allowed to rise, the process of putting them back and restoring normality is likely to be uncontrolled ... and costly.

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