This morning I spoke to my mother who lives in the UK and she happened to mention their energy bill is expected to increase by 54%. I know here in South Africa we are up another 10% this month which is loads but nowhere near a 50% rise.
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Inflation is most definitely here and we just have to live with it the best way we know how. Everything across the board has just become that much more expensive. The items that are produced and manufactured that we consume on a daily basis all have energy costs attached to them.
One of my customers who we used to supply sent out a price increase letter last week explaining the reasons behind a 20% across the board increase. Fuel is an obvious one along with electricity and wages which cannot stay stagnant plus the cost of the items they purchase from their suppliers. Most suppliers prices went up by a standard 12% today and they happened to add an extra 8% but have been open and honest about this at least.
The Government will never be honest with you where inflation currently sits as it is a black mark against their name. They would rather tell you by massaging the figures stating inflation was in single digits and more importantly unemployment was down which is a load of bull. Figures can be manufactured and manipulated in any way as long as they come out looking like the superstars.
Many people are on a monthly wage and unless you are getting an increase of 15% or more you are heading in reverse worse off than you were last year. Throw in interest rates which moved again last month and now fuel and energy prices along with the other items and that is a sizeable chunk of the monthly budget that has magically been eaten away.
Thankfully I work for myself and like all of you have crypto but what if you didn't as that must seriously suck. Going to work on Monday morning knowing whatever you are currently earning is down by a good few % to your monthly needs. I can honestly see a recession or depression coming ad this is the start of things to come.
Being in crypto now has taken on a whole new level of importance as the ability to earn definitely puts you ahead of the rest of the population who aren't involved. We are the minority and honestly lucky we are as I feel for those who aren't and have nowhere else to turn for extra financial assistance.