Inflation - Another fail

[Fittster]

Who'd have guess it, Merv and co continue to be completely incompetent.

" UK Consumer Prices Index (CPI) inflation remained unchanged in September at 3.1%, according to the Office for National Statistics (ONS).

It means the rate has been above the Bank of England's 2% target for 10 months in a row.

Inflation as measured by the Retail Prices Index (RPI) fell back from 4.7% in August to 4.6% in September."

http://www.bbc.co.uk/news/business-11521293

[ewenm]

Is it really that low? It's a shame the basket isn't adjusted for recession times by eliminating the luxury items and only looking at necessities (food, fuel, utilities). Then I think we'd see a more realistic figure...

Edited by ewenm on Tuesday 12th October 10:14

[mondeoman]

ewenm said:

Is it really that low? It's a shame the basket isn't adjusted for recession times by eliminating the luxury items and only looking at necessities (food, fuel, utilities).

err - nope, my gut tells me that its more like 10%...

[strudel]

Would someone please explain in layman's terms why it's Merv's fault? Interest rates can't go much lower!

[Atomic Gibbon]

strudel said:

Would someone please explain in layman's terms why it's Merv's fault? Interest rates can't go much lower!

Hence the inflation!

[Digga]

Atomic Gibbon said:

strudel said:

Would someone please explain in layman's terms why it's Merv's fault? Interest rates can't go much lower!

Hence the inflation!

[digger_R]

How is this a fail? fiscal policy since at least 2003 (ish) makes it look like it's been engineered, non? The fail is shirley that joe public has been dumb enough to believe that this financial mess is 'accidental' and not in any way foreseen.

[Fittster]

digger_R said:

How is this a fail?

What's the target for inflation and how often has the incompetent baboon and his cronies hit it?

Edited by Fittster on Tuesday 12th October 11:35

[paulrockliffe]

Target is 2% and every time it's missed, Merv has to write a letter to the Chancellor explaining himself.

As we'll probably never get to read the contents, perhaps PH could imagine what such a letter might contain?

[Beardy10]

Fittster said:

digger_R said:

How is this a fail?

What's the target for inflation and how often has the incompetent baboon and his cronies hit it?

Edited by Fittster on Tuesday 12th October 11:35

There is no target unofficially any more.....

http://www.independent.co.uk/news/business/comment...

Within reason the govt is VERY happy to see inflation

[anonymous-user]

strudel said:

Would someone please explain in layman's terms why it's Merv's fault? Interest rates can't go much lower!

In other news there is a suggestion that lack of knowledge of the most basic principles of economics may be the cause of the financial crap we're all in

[Dracoro]

paulrockliffe said:

Target is 2% and every time it's missed, Merv has to write a letter to the Chancellor explaining himself.

As we'll probably never get to read the contents, perhaps PH could imagine what such a letter might contain?

"Please see last month's letter

Yours
Merv"

[Fittster]

Beardy10 said:

Fittster said:

digger_R said:

How is this a fail?

What's the target for inflation and how often has the incompetent baboon and his cronies hit it?

Edited by Fittster on Tuesday 12th October 11:35

There is no target unofficially any more.....

http://www.independent.co.uk/news/business/comment...

Within reason the govt is VERY happy to see inflation

So have the balls to be honest with the public. They seem to have forgotten who they are responsible to.

[RichardD]

Fittster said:

...So have the balls to be honest with the public. ...

Now, you're just getting silly !

Edited by RichardD on Tuesday 12th October 12:04

[strudel]

garyhun said:

strudel said:

Would someone please explain in layman's terms why it's Merv's fault? Interest rates can't go much lower!

In other news there is a suggestion that lack of knowledge of the most basic principles of economics may be the cause of the financial crap we're all in

Probably, but they honestly never taught us a jot about this at school. Not a sausage. Nada.

[JagLover]

Fittster said:

Who'd have guess it, Merv and co continue to be completely incompetent.

It is actually the opposite

They are very competent at engineering the debasement of the currency while encouraging most of the discussion to be about the horrible dangers of deflation.

[Plotloss]

There is NO way that inflation is under 5%

NO way.

[digger_R]

JagLover said:

Fittster said:

Who'd have guess it, Merv and co continue to be completely incompetent.

It is actually the opposite

They are very competent at engineering the debasement of the currency while encouraging most of the discussion to be about the horrible dangers of deflation.

this.

Whilst the media occasionally discusses the few pennies down the back of the sofa in terms of benefits/bonus issues. I'm not a part of the tin hat brigade but the idea that it's anything other than engineered is farcical

Edited by digger_R on Tuesday 12th October 20:56

[NoelWatson]

http://www.telegraph.co.uk/finance/newsbysector/re...

"The Office for National Statistics said the annual rate of clothing and footwear inflation was 0.9 per cent in September, the first rise since 1992."

[Magog]

NoelWatson said:

http://www.telegraph.co.uk/finance/newsbysector/re...

"The Office for National Statistics said the annual rate of clothing and footwear inflation was 0.9 per cent in September, the first rise since 1992."

Do these statistics take account of the fact that the vast majority of clothing is now of a significantly lower standard than it was 20 years ago?