UK inflation returns to 40-year high of 10.1%

[JohnD]

UK inflation returns to 40-year high of 10.1%​

Figure beats economists’ expectations as food prices jump

https://www.ft.com/content/dec290b0-dc52-4486-81c7-2173188e281b

"That return to double-digit inflation will be difficult for ministers and the Bank of England. It shows that price rises have not yet peaked, despite the energy price guarantee limiting gas and electricity bills this winter.

The September figure is also the number normally used for the uprating of benefits, including the state pension.

Jeremy Hunt, the new chancellor, on Tuesday said he could not guarantee the government would stick to its “triple lock” commitment on pensions, to increase them by earnings, prices or 2.5 per cent, whichever is highest."

 

[Odds]

Labour has swiftly stated a commitment to keeping the triple-lock in place, to soothe the fevered brows of Tory voters who're wondering what the hell they've done...i'm pretty sure they didn't vote for 'our Lizzie' to get their pensions reduced.

 

[Notch7]

Labour has swiftly stated a commitment to keeping the triple-lock in place, to soothe the fevered brows of Tory voters who're wondering what the hell they've done...i'm pretty sure they didn't vote for 'our Lizzie' to get their pensions reduced.

The increase in interests rates was going to arrive with or without the crazy Trussonomics

By arrogantly announcing huge tax cuts unsupported by the OBR and unfunded, Truss has managed to get 100% of the blame for mortgage rises and pension damage to herself.

 

[Mottie]

Another JohnD good news thread. I wonder if he's ever going to start a 'bad news' (for him) thread?

We seem to be matching the General EU rate so I wonder why that wasn’t the title of this thread?



Edit: I note from this chart that the U.K. has gone to 10.1 from 9.9 whereas the EU has gone to 10.1 from 9.8 so either our rate of inflation is slowing down or the EU's is accelerating.

 

[Pat ex]

Another JohnD good news thread. I wonder if he's ever going to start a 'bad news' (for him) thread?

Have you ever tried contributing to the thread, instead of your constant ad hominem posts?

 

[Mottie]

Have you ever tried contributing to the thread, instead of your constant ad hominem posts?

I just have. Try quoting the whole post next time and not just selected text.

 

[ajohn]

What I have heard differs a little from the first post. Essentially Hunt hasn't ruled anything out even defence cuts or taxation increases.

Triple lock and associated areas, state payment to people for various reason. Just comments from pundits about what he may do along with what the options would save them.

10.1% inflation - headline. The inflation on basics has been higher all along.

The rats nest associated with measuring it
A copy pasted from a google search
RPI includes mortgage interest payments: this means it is “heavily influenced” by house prices and interest rates ; CPI measures take no account of housing costs

More detail concerning changes

Consumer Price Index (United Kingdom) - Wikipedia

en.wikipedia.org

An ONS view

Shortcomings of the Retail Prices Index as a measure of inflation - Office for National Statistics

Analysis of Office for National Statistics's current understanding of the drawbacks of RPI.

www.ons.gov.uk

Actually I am sure Mrs T played with the shopping basket. As my father put it added items which were getting cheaper but not bought that often. White goods being an example.

 

[Pat ex]

I just have. Try quoting the whole post next time and not just selected text.

Sorry I can only respond to the posts as it was when I responded,
If you're going to add to it later, I can't foresee what you're going to add.

 

[JohnD]

What I have heard differs a little from the first post.

What, in my post, do your rumours differ from?

 

[Mottie]

Sorry I can only respond to the posts as it was when I responded,
If you're going to add to it later, I can't foresee what you're going to add.

Well now you’ve had a chance to read it in full, along with my edit, what do you have to say?

 

[Pat ex]

Well now you’ve had a chance to read it in full, along with my edit, what do you have to say?

I have no intention of changing my response to your original comment, it still applies.
There are numerous other examples I could choose from.

But well done to you for adding some useful contribution to the thread, for a change.

 

[JohnD]

Another JohnD good news thread. I wonder if he's ever going to start a 'bad news' (for him) thread?

I am drawing a pension now, so I suppose it is bad news for me that the government is backing away from their Manifesto commitment, and the current Prime Minister's earlier promise, to reinstate the triple lock.

I suppose it will be bad news for retired motor mechanics and Tory Party members as well.

But I am much more concerned about the poor, disadvantaged and disabled who are looking at worse poverty in real terms.

"Truss no longer committed to maintaining triple lock on pensions, No 10 says​

Liz Truss is no longer publicly committed to defending the triple lock – the guarantee that the state pension will rise every year in line with inflation, earnings, or 2.5%, whichever is highest. In their 2019 manifesto the Conservatives said they would “keep the triple lock” and in interviews only two weeks ago, during the party conference, Truss confirmed that she was still “committed” to it.

Not any more. At the Downing Street lobby briefing after cabinet, the PM’s spokesperson refused to say that Truss still feels bound by this."

 

[Mottie]

I am drawing a pension now, so I suppose it is bad news for me that the government is backing away from their Manifesto commitment, and the current Prime Minister's earlier promise, to reinstate the triple lock.

I’d still say that is 'good news' for you. You strike me as someone who will cut off his nose to spite his face.

 

[Pat ex]

I’d still say that is 'good news' for you. You strike me as someone who will cut off his nose to spite his face.

like I said:

Have you ever tried contributing to the thread, instead of your constant ad hominem posts?

Now you can add some edit to give your post some credibility.

 

[JohnD]

I’d still say that is 'good news' for you. You strike me as someone who will cut off his nose to spite his face.

Tw@.