Prices Going Up Everywhere 💸 : Do We Need Another Interest Rate Hike?

[Haamsaaveni (Hamsi) Kumar]

Hi everyone!

Today’s question will focus on the economy. Do you think there needs to be another increase in interest rates to deal with rising prices (raw materials, energy bills, diesel and petrol prices) or do you think that this is a temporary glitch due to the current tensions in Russia/Ukraine, and current interest rates are sufficient to deal with it?

I am excited to know what you think about this.

[Peter Watson]

I think it’d be fair to say that prices have been rising for some time before the Russia/Ukraine situation. However, I think that current tensions are just making things worse – especially in terms of fuel costs! The utility bill in the Watson household has gone up in a major way – have you noticed much of a difference yet? Food prices are also noticeably higher…

[Haamsaaveni (Hamsi) Kumar]

I have definitely noticed a difference! Food prices are high, transportation prices are much higher and it’s affecting my budget despite me being considerably frugal with spending.

[Andrew Spencer]

My utility bills require taking a keycard and topping it up at a local store before it shuts off without warning. Needless to say that it’s been eye-opening how much faster it runs out at the moment.

I also think that, as noted in the Daily previously, we will see budget supermarkets clawing back market share as consumers try to be more frugal as Hamsi says.

[Author]

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