Inflation down to 4.6%

MolteniArcore

MolteniArcore

Well-known member
Brilliant news. With any luck if this continues for a year or so we might see the BoE bring interest rates down a bit. 3 years to go for the mortgage renewal so I have my fingers crossed!!
 
Economists certainly seem to be suggesting interest rates have peaked on both sides of the pond.
I imagine there’ll be many people who’ve taken on much higher debt levels, during this crisis, and so the pain is likely to be felt for some time yet.
 
Anyway, not all good news - food inflation still 10.1%

The driver, according to the news, is the Energy Price Cap dropping. So nothing that Sunak has done. Strangely because the Government was paying us £66 a month this time last year we’ll actually be paying more for energy this winter!

Another thing that I find odd is that high interest rates are designed to slow the economy so it’s no surprise that we have a stagnant enonomy that didn’t budge at 0.0 yet Sunak is telling us all he’s gonna grow it :D

And we need DEFLATION to reduce prices and that ain’t happening anytime soon so we’ll all still be worse off.
 
All of last year's price rises are now built in. Inflation is down; however, it's still putting cost on top of inflated cost.

The price gauging across big business post COVID has been criminal, yes Ukraine and the energy crisis had an impact, but it's not the primary driver. That has been corporate greed.

As for the BOE, interest rises have compounded the issue not helped fix it. Interest rises are typically used to curtail spending and discourage taking on debt. People have not been spending to much and the rises have just added more cost on top of the inflationary cost rises in cost of living.

The BOE have only served to make everything worse, a case could be made that they have willfully tried to put us into a recession.
 
One of the things re prices that amazed me recently was prescription drugs. If you run out on holiday, pop to the pharmacy in say Cyprus or Lanzarote. They will see you your drugs for a fraction of what THE NHS charges and gets charged. That's weird.
 
We are still worse off and continue to be so, therefore to claim credit for making us 4.6% worse off last month as opposed to 6.7% the month before is having a laugh when they largely caused the huge spike through spooking the markets under Kwazy Kwasi and Truss.

Peoples mortgages will be suffering for a long time to come. Rental supply is coming down as private buy to let landlords look to sell and thus reducing house prices could force some newcomers into the market into negative equity for a while as well as increasing homelessness through rental supply reductions and affordability of mortgages, adding future pressure on council spending, leading to higher council tax rises come April etc…. lots of other potential knock on effects.
 
edinboro said:
One of the things re prices that amazed me recently was prescription drugs. If you run out on holiday, pop to the pharmacy in say Cyprus or Lanzarote. They will see you your drugs for a fraction of what THE NHS charges and gets charged. That's weird.
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As you mention Cyprus, the like of paracetamol etc are very expensive. When we go to see relatives we take some out with us, even more strange they are made in Nicosia, the Cypriot Capital.
 
Gas prices down 30% from October 22, Electricity prices down 16%, Petrol 7%, the downward trend in inflation has nothing to do with any BofE or government policy. Perfectly timed for Hunts Autumn statement next week, strange that?
I’m hearing that Banks have never had so much money on deposit, seems like all that Furlough money the working/middle classes received has now been spent & along with the all the additional money the BofE printed in quantitive easing has finally found it’s way to the already Rich bank accounts - Job Done
 
coluka said:
We are still worse off and continue to be so, therefore to claim credit for making us 4.6% worse off last month as opposed to 6.7% the month before is having a laugh when they largely caused the huge spike through spooking the markets under Kwazy Kwasi and Truss.

Peoples mortgages will be suffering for a long time to come. Rental supply is coming down as private buy to let landlords look to sell and thus reducing house prices could force some newcomers into the market into negative equity for a while as well as increasing homelessness through rental supply reductions and affordability of mortgages, adding future pressure on council spending, leading to higher council tax rises come April etc…. lots of other potential knock on effects.
Click to expand...

Yup
October 22 - Inflation 11.1%
and, on top of that....
October 23 - Inflation 4.6%

Whoopy do - thanks Sunak
 
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