El Cid Posted January 16, 2022 Share Posted January 16, 2022 With CPI inflation running at 7.1% and house prices increasing at 8.9% and interest rates on the increase. Interest rates have more than doubled, from 0.1%, to 0.25% Pensions and benefits are increasing by 3.1% in 2022, so the value of the money being spent will decrease. What pay rise will the NHS and the public sector get? There will be difficult times ahead for the UK, who ever is leading the country. We also have a very large national debt that needs to be repaid. Link to comment Share on other sites More sharing options...
Dromedary Posted January 16, 2022 Share Posted January 16, 2022 (edited) You need to edit that, as pointed out before the CPI inflation rate is actually 5.1% and what you have quoted is the old RPI rate which is 7.1% and no longer used for inflation purposes. The CPI rate is the internationally used standard to calculate the inflation rate. PS. Love the use of percentages to give the shock - horror sense of more than a double rise in interest rates. Here you go. https://www.ons.gov.uk/economy/inflationandpriceindices Edited January 16, 2022 by Dromedary Link to comment Share on other sites More sharing options...
El Cid Posted January 16, 2022 Author Share Posted January 16, 2022 22 minutes ago, Dromedary said: You need to edit that, as pointed out before the CPI inflation rate is actually 5.1% and what you have quoted is the old RPI rate which is 7.1% and no longer used for inflation purposes. The CPI rate is the internationally used standard to calculate the inflation rate. House prices increased by 8.9%, CPI does not include house prices. I cannot do the maths, what is 5.1% plus house price rises of 8.9%? Link to comment Share on other sites More sharing options...
Anna B Posted January 17, 2022 Share Posted January 17, 2022 50 minutes ago, Dromedary said: You need to edit that, as pointed out before the CPI inflation rate is actually 5.1% and what you have quoted is the old RPI rate which is 7.1% and no longer used for inflation purposes. The CPI rate is the internationally used standard to calculate the inflation rate. PS. Love the use of percentages to give the shock - horror sense of more than a double rise in interest rates. Here you go. https://www.ons.gov.uk/economy/inflationandpriceindices A bit nit-picking. The economy is in a mess whichever way you look at it. And the public mood is pretty p***** off all round. Link to comment Share on other sites More sharing options...
Dromedary Posted January 17, 2022 Share Posted January 17, 2022 (edited) 1 hour ago, El Cid said: House prices increased by 8.9%, CPI does not include house prices. I cannot do the maths, what is 5.1% plus house price rises of 8.9%? Its not included for obvious reasons as not everybody owns their own home or is in the market to buy one. Whereas the basics such as food and fuel are needed by all and that's why the CPI is the international standard used. 1 hour ago, Anna B said: A bit nit-picking. Not really especially as it was already pointed out and also acknowledged in another thread the difference between CPI at 5.1% and RPI at 7.1% when it comes to inflation. Ignoring that and then using 7.1% for CPI is false and very misleading especially when shown it was wrong. Using a % doubling as a measure for interest rates, while almost correct is also misleading. 1 hour ago, Anna B said: The economy is in a mess whichever way you look at it. The economies around the world are in a mess in equal measures and we have covid and the panic response of our world governments to thank for that. Although some will obviously blame it on Brexit as it suits their narrative. Quote And the public mood is pretty p***** off all round. Well I'm not and judging by what you also said on another thread you are also happy so cant be that p***** off either. Edited January 17, 2022 by Dromedary Link to comment Share on other sites More sharing options...
fools Posted January 17, 2022 Share Posted January 17, 2022 It's all meaningless, everyone's personal rate of inflation is different. Whatever is in that basket rarely reflects reality. Gas/Elec prices are about to double or more in the space of 12 months, for many, that's going to be their largest unavoidable outgoing. Food has gone up considerably too. Link to comment Share on other sites More sharing options...
Anna B Posted January 17, 2022 Share Posted January 17, 2022 17 minutes ago, fools said: It's all meaningless, everyone's personal rate of inflation is different. Whatever is in that basket rarely reflects reality. Gas/Elec prices are about to double or more in the space of 12 months, for many, that's going to be their largest unavoidable outgoing. Food has gone up considerably too. And rents. And house prices. In fact pretty much everything. That basket always amuses me. The biggest bit of propaganda, ever nicely manipulated to give the most favourable reading. A measure of inflation it is not. Link to comment Share on other sites More sharing options...
Dromedary Posted January 17, 2022 Share Posted January 17, 2022 7 minutes ago, Anna B said: And rents. And house prices. In fact pretty much everything. That basket always amuses me. The biggest bit of propaganda, ever nicely manipulated to give the most favourable reading. A measure of inflation it is not. How would you measure it then? Link to comment Share on other sites More sharing options...
El Cid Posted January 17, 2022 Author Share Posted January 17, 2022 6 hours ago, Dromedary said: Its not included for obvious reasons as not everybody owns their own home or is in the market to buy one. Whereas the basics such as food and fuel are needed by all and that's why the CPI is the international standard used. Since a majority are home owners(65%) it would be sensible to have an inflation figure which applies to the majority. Link to comment Share on other sites More sharing options...
Anna B Posted January 17, 2022 Share Posted January 17, 2022 As the cost of living rises we are going to see more and more people become the working poor. A standard wage will no longer cover all the normal bills and expenses. How did we get to this? Link to comment Share on other sites More sharing options...
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