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Shoppers Pay Price As Food Inflation Hits 15-Month High

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Shoppers pay price as food inflation hits 15-month high

By James Thompson

Wednesday, 6 October 2010

Hard-pressed shoppers suffered a double whammy last month as food price inflation hit a 15-month high and the cost of clothing also climbed.

Overall shop price inflation hit a five-month high in September, while the annual rate of food price increases jumped to 4 per cent from 3.8 per cent in August.

The cost of food was driven higher as the rising prices of wheat and oil fed through to bread and meat supplies, according to the monthly survey by the British Retail Consortium (BRC) and Nielsen. This was the key reason for overall shop price inflation rising to 1.9 per cent last month – a jump of 0.2 per cent since August. Non-food inflation also rose, by 0.7 per cent.

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This has been on the cards for months and months. Don't tell the BoE though. They haven't even factored this in to their inflation forecasts, which are purposefully inaccurate as ever.

Champage times for us farmers though (actually, not quite the case as input costs are increasing too).

Do the Bank of England ever speak to farmers and growers one wonders. Probably not. A bit like the ONS and its notorious shopping basket then.

Edited by gruffydd
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Well they're scratching their heads alright. Why isn't the inflation not going into asset prices?!

Clearly this proves the worth of ZIRP and money printing - they just haven't done enough of it for the money to get squeezed into higher end assets. The solution is obviously more QE, what could possibly go wrong?

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food prices up tenner a week,hosue prices down a few hundred......left hand right hand etc.

Things like house prices are obviously going to fall because in the past they have been inflated by ridiculous amounts of credit to would be buyers.

The truly scary thing is that TPTB have decided that the 'solution' to this 'problem' is clearly to inflate everything else up to those stupid levels in the hope of supporting those prices.

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We aren't going to inflate away the debts.

We are having cost inflation and asset DEFLATION.

Most importantly, we are having wage deflation.

The net result of cost inflation and wage deflation isn't the inflating away of debts, it's poverty and destitution.

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  • 419 Brexit, House prices and Summer 2020

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      • down 5% +
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