Inflation falls, but only a little
Discussion
So it's dropped from 10.4 to 10.1 and those in the know are disappointed.
I'm no economist but even I can see it ain't going to drop anytime soon, and I am not surprised.
Once again a case of the people in charge not living in the real world.
I just go by what I see in my local Tesco's. A lot of my regular buys have almost doubled in a year. Again, I'm no financial wizard but isn't that almost a 100 percent rise.
So the BoE will raise mortgage rates again. That will mean that our mortgage will be over 5 times what we were paying Christmas 2021.
Gas and Electric are still at eye watering amounts monthly.
I know that when my rent comes up for renewal, the landlord will want another 30 percent on top of my current monthly amount.
Personally I feel that everyone is profiteering to some extent. There's no big state owned supermarket to control prices, so they are all pushing and seeing how much they can get out of people.
And people keep buying.
Look at when petrol hit over £2 a litre! I didn't notice any lack of traffic. Cars still jammed the roads, everybody queuing to get into the giant shopping centres.
I'm looking forward to be educated but I can't see how raising the interest rates are going to solve this.
A big crackdown on prices is what is needed but then we are not a communist country.
I look forward to welcoming our Soviet overlords and queuing for a mouldy loaf of bread
I'm no economist but even I can see it ain't going to drop anytime soon, and I am not surprised.
Once again a case of the people in charge not living in the real world.
I just go by what I see in my local Tesco's. A lot of my regular buys have almost doubled in a year. Again, I'm no financial wizard but isn't that almost a 100 percent rise.
So the BoE will raise mortgage rates again. That will mean that our mortgage will be over 5 times what we were paying Christmas 2021.
Gas and Electric are still at eye watering amounts monthly.
I know that when my rent comes up for renewal, the landlord will want another 30 percent on top of my current monthly amount.
Personally I feel that everyone is profiteering to some extent. There's no big state owned supermarket to control prices, so they are all pushing and seeing how much they can get out of people.
And people keep buying.
Look at when petrol hit over £2 a litre! I didn't notice any lack of traffic. Cars still jammed the roads, everybody queuing to get into the giant shopping centres.
I'm looking forward to be educated but I can't see how raising the interest rates are going to solve this.
A big crackdown on prices is what is needed but then we are not a communist country.
I look forward to welcoming our Soviet overlords and queuing for a mouldy loaf of bread
I thought inflation was year on year and this was why Rishi/
were confident it would half around this time - through doing absolutely nothing it would automatically reduce by default as it would be measured against a world with a war in it as a baseline
Presumably if it is still at 10+% and is year on year, then as you say there is a real problem.
were confident it would half around this time - through doing absolutely nothing it would automatically reduce by default as it would be measured against a world with a war in it as a baselinePresumably if it is still at 10+% and is year on year, then as you say there is a real problem.
I too think there is a certain amount of profiteering going on.
For instance I have paid less than £1.40 a litre for petrol (£1.35 last time) since summer last year, yet my local Tesco is still up at about £1.50.
I use LPG for heating and I signed a contract end of last years for 43p a litre, that is cheaper than mains gas. And I had more than one supplier offering that price. And it is delivered on a lorry. Go to the (chain) builders merchants for timber and find out it costs 30% more than a local timber supplier.
These are just a few of the things I have seen.
For instance I have paid less than £1.40 a litre for petrol (£1.35 last time) since summer last year, yet my local Tesco is still up at about £1.50.
I use LPG for heating and I signed a contract end of last years for 43p a litre, that is cheaper than mains gas. And I had more than one supplier offering that price. And it is delivered on a lorry. Go to the (chain) builders merchants for timber and find out it costs 30% more than a local timber supplier.
These are just a few of the things I have seen.
Observation of the crisp aisle at my local Tesco.
6 pack of Walkers £1.75, £1.95 in more central London Tesco's.
The shelves remain full. You see people browsing, poking, hoping for a Clubcard sticker.
Periodically they drop the price to £1.50 and it empties. Bare shelves, everyone has a warm fuzzy feeling. They've got themselves a bargain.
But a year ago they were £1.25, often a quid. You put the prices up massively then drop slightly.
People's memories are short.
Don't get me on 5 packs of stuff that are still the same price, but hang on! they are now 4 packs.
Call me cynical but I think this is about rinsing the general public.
6 pack of Walkers £1.75, £1.95 in more central London Tesco's.
The shelves remain full. You see people browsing, poking, hoping for a Clubcard sticker.
Periodically they drop the price to £1.50 and it empties. Bare shelves, everyone has a warm fuzzy feeling. They've got themselves a bargain.
But a year ago they were £1.25, often a quid. You put the prices up massively then drop slightly.
People's memories are short.
Don't get me on 5 packs of stuff that are still the same price, but hang on! they are now 4 packs.
Call me cynical but I think this is about rinsing the general public.
Crumpet said:
I can only go from what my farming friends say but they say that farmers are being paid pretty much the same for their produce as they were before all the inflation - despite the farmers themselves incurring hugely increased costs. So something isn’t right.
Someone, somewhere in the chain is creaming obscene amounts. It isn’t the people doing the work, that’s for sure.On one report I quickly looked over this morning said the drop is down to fuel prices coming down. Over 5% in the last month. All the fuel stations near me have been the same price or higher than the last few months.
So doesn't look like any of theses so called fuel savings have been passed on to customers.
So doesn't look like any of theses so called fuel savings have been passed on to customers.
It's a pretty good indicator of a rigged game that the supposedly correct response to prices going up and people paying stloads of money to oil companies and supermarkets, is to put interest rates up, take even more money off people, and have them give loads of extra money to banks instead.
There's only one direction of travel on offer, with double digit inflation and single digit pay rises seemingly the new normal and nobody asking how or even if we start to catch up with living standards again. Meanwhile the super-rich get super-richer. Hard to see where it ends, but I don't see it being anywhere good.
tloads of money to oil companies and supermarkets, is to put interest rates up, take even more money off people, and have them give loads of extra money to banks instead. There's only one direction of travel on offer, with double digit inflation and single digit pay rises seemingly the new normal and nobody asking how or even if we start to catch up with living standards again. Meanwhile the super-rich get super-richer. Hard to see where it ends, but I don't see it being anywhere good.
I'm sure the supermarkets will be posting their best ever annual profits, just like the energy companies.
I guess that's private enterprise for you.
The company I work for say that they are cash strapped thus in the 4 years I have worked for them, I have not had a payrise, not have any of my workmates.
At least we are not part of the problem
I guess that's private enterprise for you.
The company I work for say that they are cash strapped thus in the 4 years I have worked for them, I have not had a payrise, not have any of my workmates.
At least we are not part of the problem
croyde said:
Observation of the crisp aisle at my local Tesco.
6 pack of Walkers £1.75, £1.95 in more central London Tesco's.
The shelves remain full. You see people browsing, poking, hoping for a Clubcard sticker.
Periodically they drop the price to £1.50 and it empties. Bare shelves, everyone has a warm fuzzy feeling. They've got themselves a bargain.
But a year ago they were £1.25, often a quid. You put the prices up massively then drop slightly.
People's memories are short.
Don't get me on 5 packs of stuff that are still the same price, but hang on! they are now 4 packs.
Call me cynical but I think this is about rinsing the general public.
TBF Tesco's profits fell. They are pointing at suppliers rinsing them - after decades of the converse happening!6 pack of Walkers £1.75, £1.95 in more central London Tesco's.
The shelves remain full. You see people browsing, poking, hoping for a Clubcard sticker.
Periodically they drop the price to £1.50 and it empties. Bare shelves, everyone has a warm fuzzy feeling. They've got themselves a bargain.
But a year ago they were £1.25, often a quid. You put the prices up massively then drop slightly.
People's memories are short.
Don't get me on 5 packs of stuff that are still the same price, but hang on! they are now 4 packs.
Call me cynical but I think this is about rinsing the general public.
It's really not about rinsing the public or profiteering or whatever - it's mainly down to shops/businesses having to deal with the same massive uplift in energy costs that individuals do.
Ultimately energy costs feed into almost everything - fertiliser to grow basic foodstuffs costs more, operating the tractors costs more, transporting the stuff costs more, storing it and selling it costs more. That's before you've given all your staff a 10% rise so they can pay their own bills.
The economy has been swimming in an ocean of free money for almost 15 years, most of it going into houses, stcoins or monkey GIFs. Now it's leaving those things and moving into other areas that actually matter.
Ultimately energy costs feed into almost everything - fertiliser to grow basic foodstuffs costs more, operating the tractors costs more, transporting the stuff costs more, storing it and selling it costs more. That's before you've given all your staff a 10% rise so they can pay their own bills.
The economy has been swimming in an ocean of free money for almost 15 years, most of it going into houses, s
tcoins or monkey GIFs. Now it's leaving those things and moving into other areas that actually matter.Bonefish Blues said:
Quelle Surprise!The role of Tesco Chairman for many decades has been to do just that.
"We aren't profiteers" Its those b
d "<fill in the blanks>"Greenmantle said:
Bonefish Blues said:
Quelle Surprise!The role of Tesco Chairman for many decades has been to do just that.
"We aren't profiteers" Its those b
d "<fill in the blanks>"
croyde said:
The company I work for say that they are cash strapped thus in the 4 years I have worked for them, I have not had a payrise, not have any of my workmates.
You sound like my mum and my advise to her was fk them off and get a new job. She finally did after 5 years of complaining about pay but not doing anything because 'loyalty'. I've just changed jobs a few months back and although I got a fairly big pay rise, I feel as flush as I did back in 2019 when I started the last job. Everything has got more expensive. I noticed my wages and my wife's wages actually went down a fair bit this month due to increased taxation (Not that I can see anything in the news about that). That was an extra £50 gone, Vodafone put the bill up £11. So that's £61 from the monthly spend gone. Thankfully most other things seem to have stayed the same price.
A quick trip to the shop for some home movie snacks can easily be £13 now, sure it used to be £6/7 £8 a most.
ben5575 said:
I thought inflation was year on year and this was why Rishi/ were confident it would half around this time - through doing absolutely nothing it would automatically reduce by default as it would be measured against a world with a war in it as a baseline
Presumably if it is still at 10+% and is year on year, then as you say there is a real problem.
They are effectively going to celebrate something that cost £1, that next year cost £1.10 (10%) only going to £1.15 (5%), rather than £1.21 (10%). were confident it would half around this time - through doing absolutely nothing it would automatically reduce by default as it would be measured against a world with a war in it as a baselinePresumably if it is still at 10+% and is year on year, then as you say there is a real problem.
It's still approx 15% up over 2 years and that's touted/setup as a success!? I'd say even the inflation halving is still a real problem, even with the new inflation being zero you still have that original 10% hike, you need a fraction over 9% deflation to get back to the original price, and even a fraction of a percent deflation is very very rare.
On top of this you have how this inflation is calculated, I'm sure they pop things in like electrical goods which might have only gone up a tiny bit, which brings the average down and backs up Croyde's position, ie that the essentials/unavoidable spends in energy and food are way higher % wise than this generic disclosed rate.
We've all got poorer, but at the lower end of disposable income it's really hitting home.
People protest against new oil amd gas thst would increase supply and lower cost.
People protest against new roads and motorways thst will make transport more efficient and lower costs
People then wonder why costs go up.
We are poorer as a country due to globalisation and as other parts of the world get richer ie China we get poorer by comparison.
People protest against new roads and motorways thst will make transport more efficient and lower costs
People then wonder why costs go up.
We are poorer as a country due to globalisation and as other parts of the world get richer ie China we get poorer by comparison.
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