Hi Annika,
Definitely, and I think 99% of the time people are oblivious to the fact that they are causing any kind of harm in the local economy by driving up prices.
In Sweden (where I live), students get a 1500-2000 EUR monthly stipend, so they often go and study in "cheap" countries where their dollar stretches further. Often they start to teach English (even tho it's not their native tongue and they have no teacher training) as a side gig or scuba diving, surfing, your usual holiday jobs and earn two-three times more than locals (trained teachers) just because they are white. Moreover they don't have a permit to work, so it's completely illegal.