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  • Sagi Keun
  • Veteran

    • 107

    • May 10, 2018, 11:47:23 am
    • Los Angeles
Inflation eating away your savings?
« on: October 19, 2021, 12:25:08 am »

Quote
S.Korea's inflation hits 9-year high as commodity prices jump

SEOUL, June 2 (Reuters) - South Korea's consumer inflation accelerated to a more than nine-year high in May, reinforcing calls for gradual monetary tightening, though the increase was mainly due to a low base effect and rises in oil and agricultural prices.

https://www.reuters.com/business/skoreas-inflation-hits-9-year-high-commodity-prices-jump-2021-06-01/


Simply buying groceries now makes me wince. A bit like the US, things getting out of control.


  • L I
  • Waygook Lord

    • 7168

    • October 03, 2011, 01:50:58 pm
Re: Inflation eating away your savings?
« Reply #1 on: October 19, 2021, 01:53:13 am »
Worldwide nominal wages are gradually going up and prices are gradually going up as well. ESL abroad is an exception. US wages have been going up quite a bit in the past year. Wages for foreign English teachers in Korea have not. And why would they? Per capita gdp in South Africa is $4,736 a year. For them, teaching English abroad is a great deal. As more Saffers find out about Korea, the market will become increasingly flooded.


  • VanIslander
  • Moderator LVL 1

    • 3016

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
    more
Re: Inflation eating away your savings?
« Reply #2 on: October 19, 2021, 02:57:10 am »
You cannot rent a bachelor's apartment (1.5 room; studio) for less than $1,100 a month in my hometown (of Vancouver). :(

I could live like a king for half that in Busan.
« Last Edit: October 19, 2021, 02:59:09 am by VanIslander »


Re: Inflation eating away your savings?
« Reply #3 on: October 19, 2021, 05:05:49 am »
You cannot rent a bachelor's apartment (1.5 room; studio) for less than $1,100 a month in my hometown (of Vancouver). :(

I could live like a king for half that in Busan.

Trailer for sale or rent
Rooms to let, 50 cents
No phone, no pool, no pets
I ain't got no cigarettes
Ah, but two hours of pushing broom
Buys a eight by 12 four-bit room
I'm a man of means, by no means
King of the road


  • VanIslander
  • Moderator LVL 1

    • 3016

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
    more
Re: Inflation eating away your savings?
« Reply #4 on: October 19, 2021, 05:53:40 am »
Trailer for sale or rent
Rooms to let, 50 cents
No phone, no pool, no pets
I ain't got no cigarettes
Ah, but two hours of pushing broom
Buys a eight by 12 four-bit room
I'm a man of means, by no means
King of the road
Need a backyard,
have two cats,
don't sleep on the sofa.

Vancouver is now an impossible option. Some farm land in Abbortsford maybe, but no thanks. :(
« Last Edit: October 19, 2021, 05:55:44 am by VanIslander »


  • hangook77
  • The Legend

    • 4847

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Inflation eating away your savings?
« Reply #5 on: October 19, 2021, 07:58:39 am »

Simply buying groceries now makes me wince. A bit like the US, things getting out of control.

Definitely cooking more at home rather than eating out.  We need a raise if we are to stay here.


Re: Inflation eating away your savings?
« Reply #6 on: October 19, 2021, 08:09:32 am »
Price Rankings by Country of Banana (1kg) (Markets)
1.   South Korea   3.47 $
2.   Switzerland   2.98 $
3.   Japan   2.96 $
4.   Denmark   2.89 $
5.   Norway   2.62

Korea number one! (UK was 1.50, US 1.56)


  • 745sticky
  • Hero of Waygookistan

    • 1914

    • March 26, 2020, 01:52:57 pm
    • Korea
Re: Inflation eating away your savings?
« Reply #7 on: October 19, 2021, 08:20:34 am »
and thats why my staple protein is chicken. :(


  • D.L.Orean
  • Expert Waygook

    • 711

    • February 25, 2020, 09:34:41 am
Re: Inflation eating away your savings?
« Reply #8 on: October 19, 2021, 08:34:24 am »
and thats why my staple protein is chicken. :(

Because bananas are expensive?
"in real life I have a Mensa level IQ. That’s the opposite of mentally retarded. People have told me I’m the smartest person they’ve ever met. Has anyone said that to you? Probably not."


  • OnNut81
  • The Legend

    • 2669

    • April 01, 2011, 03:01:41 pm
    • Anyang
Re: Inflation eating away your savings?
« Reply #9 on: October 19, 2021, 08:37:52 am »
And that's why I vacation in Switzerland each summer.  I live like a King in Busan.  Bananas for everyone!


  • Liechtenstein
  • Hero of Waygookistan

    • 1729

    • February 15, 2019, 04:39:00 pm
    • NE Hemisphere
Re: Inflation eating away your savings?
« Reply #10 on: October 19, 2021, 08:50:59 am »
Price Rankings by Country of Banana (1kg) (Markets)
1.   South Korea   3.47 $
2.   Switzerland   2.98 $
3.   Japan   2.96 $
4.   Denmark   2.89 $
5.   Norway   2.62

Korea number one! (UK was 1.50, US 1.56)

Pretty much the only bananas I ever saw in Korea were good enough for making banana bread. Mangoes were crazy expensive.

I do like fruit but even that is getting noticeably more expensive here.

Third boxcar, midnight train
Destination: Bangor, Maine
Old worn out suit and shoes
I don't pay no union dues


  • Kayos
  • The Legend

    • 2334

    • March 31, 2016, 07:13:57 pm
    • NZ
Re: Inflation eating away your savings?
« Reply #11 on: October 19, 2021, 08:52:13 am »
and thats why my staple protein is chicken. :(

What's wrong with chicken as your staple protein?


  • tylerthegloob
  • The Legend

    • 3063

    • September 28, 2016, 10:46:24 am
    • Busan
    more
Re: Inflation eating away your savings?
« Reply #12 on: October 19, 2021, 09:38:14 am »
damn you guys really making me feel like a baller for eating a banana every day
more gg more skill


  • 745sticky
  • Hero of Waygookistan

    • 1914

    • March 26, 2020, 01:52:57 pm
    • Korea
Re: Inflation eating away your savings?
« Reply #13 on: October 19, 2021, 09:49:12 am »
Because bananas are expensive?

could have sworn i saw a post about the price of beef somewhere on here. probably was  on another thread. ah well


What's wrong with chicken as your staple protein?

i like chicken but it gets old


  • Kayos
  • The Legend

    • 2334

    • March 31, 2016, 07:13:57 pm
    • NZ
Re: Inflation eating away your savings?
« Reply #14 on: October 19, 2021, 10:05:15 am »
damn you guys really making me feel like a baller for eating a banana every day

I have 1 - 2 bananas a day myself. :P


  • gogators!
  • Waygook Lord

    • 5401

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: Inflation eating away your savings?
« Reply #15 on: October 19, 2021, 07:01:30 pm »
Trailer for sale or rent
Rooms to let, 50 cents
No phone, no pool, no pets
I ain't got no cigarettes
Ah, but two hours of pushing broom
Buys a eight by 12 four-bit room
I'm a man of means, by no means
King of the road
Roger Miller. That song made him.


  • Mr C
  • The Legend

    • 3101

    • October 17, 2012, 03:00:40 pm
    • Seoul
Re: Inflation eating away your savings?
« Reply #16 on: October 19, 2021, 10:28:22 pm »
Roger Miller. That song made him.

At norae 61677 or 7620



  • hangook77
  • The Legend

    • 4847

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Inflation eating away your savings?
« Reply #17 on: October 20, 2021, 12:09:21 pm »
Pretty much the only bananas I ever saw in Korea were good enough for making banana bread. Mangoes were crazy expensive.

I do like fruit but even that is getting noticeably more expensive here.

Third boxcar, midnight train
Destination: Bangor, Maine
Old worn out suit and shoes
I don't pay no union dues

Been to Bangor.  Small little town in the middle of the state.  Not much to do there after being there for 5 or 10 minutes.  Some Canadians use to shop there when the exchange rate was better. 


Re: Inflation eating away your savings?
« Reply #18 on: October 20, 2021, 05:29:26 pm »
and that's why my staple protein is bananas

:D


  • JNM
  • Waygook Lord

    • 5010

    • January 19, 2015, 10:16:48 am
    • Cairo, Egypt (formerly Seoul)
Re: Inflation eating away your savings?
« Reply #19 on: October 21, 2021, 01:43:51 am »
Been to Bangor.  Small little town in the middle of the state.  Not much to do there after being there for 5 or 10 minutes.  Some Canadians use to shop there when the exchange rate was better. 
I have spent many a “Canadian dollar at par” there back in the day.

Back to the topic… savings accounts pay very little unless they are in volatile currencies, and even without *that* risk, holding savings in a currency other than what you are paid in (or what you intend to spend) you end up costing an extra one or two exchange rate fees.