Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Estonia clocks fastest inflation in the Eurozone at 20.1 percent

news.err.ee

Post reply on HN
Print view View original

271–280 of 349 posts

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#271

Post by whimsicalism »

jonasdegendt wrote: post #63
yodsanklai wrote: post #36

I don't understand inflation. I understand that it's a measure of the price of things, but for me there should be two types of inflations 1. a dilution of money. Let say a central bank injects a lot of new money, then all prices will be higher, but salary will be higher too, and the overall effect is neutral 2. some prices increase due to change in supply or demand (e.g. gas or cereal), but salaries and everything el…

> Let say a central bank injects a lot of new money, then all prices will be higher, but salary will be higher too I'm not in a place to fetch any sources right now, but hasn't it been proven that wage growth has not been keeping up with increases in money supply, or inflation over the last couple of decades? Particularly for manual labor or service jobs. You seem to assume that one would automatically track the othe…

Wage growth has been keeping up with inflation, you are maybe thinking of productivity?

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#272

Post by kmlx »

ipspam wrote: post #250
dontbenebby wrote: post #185

Earlier quoted context omitted.

>Estonian here, the situation is getting quite bad indeed, particularly when it comes to petrol/energy prices, which of course has the domino effect of driving up other goods and services in the mid to long term. People always focus on the price of gas in America, since it's a large expense and they commute a lot, but no one seems to talk about the effect it has on the prices of anything shipped in a vehicle that use…

Fact check! Gas in Alberta is $1.92/L. There are 3.78L/G(some argue 4l/G) $1.92*3.78 = $7.26/G Or $5.79USD/Gallon. Alberta is the cheapest province for gas. Other provinces are more.

if we’re playing this game, gas in Dubai is ~$1/l, and in China it’s ~$1.4/l

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#273

Post by jdasdf »

cameronh90 wrote: post #28
daeroth wrote: post #13

Earlier quoted context omitted.

Also last year there was a reform in the pension system. You can now choose to exit the pension system and have a large part of your fund liquidated. Around 14% of the population decided to use this and cash out their future pensions in 2021. Not sure how much of these funds got spent where but certainly it had some effect on the real-estate prices.

Why would they do that? Isn't that setting them up for a pension crisis in the future?

As opposed to paying into a ponzi?

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#274

Post by onlyrealcuzzo »

Cthulhu_ wrote: post #239
onlyrealcuzzo wrote: post #216

Earlier quoted context omitted.

IIUC, Russian oil is roughly the same price as it was before the invasion: https://www.statista.com/statistics/1112243/urals-crude-oil-... Other oil has gone up so much because everyone is switching off Russian oil. Russian oil is not going up. So it's actually not a bad time to be a Russian oil consumer...

Russian oil and gas should actually be cheaper because demand has dropped sharply. Anyway it's a very bad time to be a Russian oil consumer, because you'll be funding an unprovoked invasion and the countries that have sanctioned Russia may not want to deal with you.

It's 50% cheaper WRT all other oil...

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#275

Post by whimsicalism »

zeroonetwothree wrote: post #251
seanmcdirmid wrote: post #150

Earlier quoted context omitted.

Inflation is an increase in money supply over an increase in the value of things to buy with money (or we could say the size of the economy). Money supply could increase, but if it is balanced with a growth in good supply, inflation doesn’t occur. This is why it can’t be computed directly.

That is not true, inflation is exactly when the money supply increases. It doesn’t matter what happens to “good supply”. In fact the supply of goods increases in response to a price increase. That’s why most people think a low level of inflation is healthy.

if money supply doubles and velocity halves, there shouldn't be inflation.

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#276

Post by throwaway4good »

puranjay wrote: post #186
throwaway4good wrote: post #107

Earlier quoted context omitted.

The stated 7% loosely corresponds to what I am seeing. Remember it is a broad statistic. So even though you notice your kebab going from 5 to 6 euros, you may not notice that a new pair of glasses is the same price as it was last year.

I'm sure CPI calculations include the frequency of consumption too. You eat a kebab every day, but buy glasses maybe once in two years.

CPI calculations are a whole science in itself. My point was that it is human nature that we notice things that change and not things that remain the same.

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#277

Post by jdasdf »

sharpneli wrote: post #58
pfortuny wrote: post #41

Earlier quoted context omitted.

You can cash it out and manage your investment yourself. I interpret that small 14% as most of them doing so. Of course, I have no idea.

What happens if you essentially waste all the money? Will you be left totally without pension or will others foot the bill?

Then you suffer the consequences of your own choices.

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#278

Post by freeflight »

cehrlich wrote: post #244
BlargMcLarg wrote: post #207

Earlier quoted context omitted.

Eh, this is the attitude in most of Western Europe as well

Yeah, same in Austria. Energy prices on my provider are going up by 90%, many food items are up 50%+ since the start of the year, and outside of some grumbling in private conversations I've not heard much complaining.

> outside of some grumbling in private conversations I've not heard much complaining.

I mean, where else would you hear about it? Are you expecting random strangers on the street to just angrily scream at you about increasing energy prices and inflation?

Imho one of the biggest giveaways was when German supermarkets started mentioning "inflation" in their discount prospects, first saw that like 2 months ago.

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#279

Post by solarkraft »

cehrlich wrote: post #244
BlargMcLarg wrote: post #207

Earlier quoted context omitted.

Eh, this is the attitude in most of Western Europe as well

Yeah, same in Austria. Energy prices on my provider are going up by 90%, many food items are up 50%+ since the start of the year, and outside of some grumbling in private conversations I've not heard much complaining.

It may be similar in Germany. Populists from conservative-right parties have made this their new topic and some people are responding to it, but over all the reception isn't very strong.

Re: Estonia clocks fastest inflation in the Eurozone at 20.1 percent

#280

Post by solarkraft »

freeflight wrote: post #278
cehrlich wrote: post #244

Earlier quoted context omitted.

Yeah, same in Austria. Energy prices on my provider are going up by 90%, many food items are up 50%+ since the start of the year, and outside of some grumbling in private conversations I've not heard much complaining.

> outside of some grumbling in private conversations I've not heard much complaining. I mean, where else would you hear about it? Are you expecting random strangers on the street to just angrily scream at you about increasing energy prices and inflation? Imho one of the biggest giveaways was when German supermarkets started mentioning "inflation" in their discount prospects, first saw that like 2 months ago.

Yeah, that's something people sometimes do in the form of protests. But I think almost everyone realizes that there's no easy way out this time.
Post reply on HN