Gemma Rose Posted November 16, 2022 Share Posted November 16, 2022 (edited) UK Inflation Jumps More Than Expected to 41-Year High of 11.1% https://www.dailymail.co.uk/news/article-11433723/Inflation-soars-FORTY-YEAR-high-11-1.html Edited November 16, 2022 by Gemma Rose Quote Link to comment Share on other sites More sharing options...
highcontrast Posted November 16, 2022 Share Posted November 16, 2022 Oh dear. Better jack those rates up even more. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted November 16, 2022 Share Posted November 16, 2022 (edited) BBC live feed is hilarious. Lots before the announcement in their build up that another increase in inflation is expected above the current 10%... May hit as high as 10.7%... Bank of England expects inflation to possibly hit as high as 11% as it peaks in the coming months. BREAKING NEWS: INFLATION HITS 11.1% Edited November 16, 2022 by rantnrave Quote Link to comment Share on other sites More sharing options...
Burbujista Posted November 16, 2022 Share Posted November 16, 2022 They are being "vigilant". Quote Link to comment Share on other sites More sharing options...
Up the spout Posted November 16, 2022 Share Posted November 16, 2022 12 minutes ago, highcontrast said: Oh dear. Better jack those rates up even more. That'd be nice; the only thing lessening the loss I feel when thousands of pounds are evaporating from my savings, is that at least my assets aren't leveraged. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted November 16, 2022 Share Posted November 16, 2022 So just above the 2% target. Quote Link to comment Share on other sites More sharing options...
Gemma Rose Posted November 16, 2022 Author Share Posted November 16, 2022 Should make for an interesting watching 2.15 today on Parliament TVÂ https://committees.parliament.uk/committee/158/treasury-committee/news/174378/bank-of-england-governor-questioned-by-mps-on-interest-rate-policy/ Quote Link to comment Share on other sites More sharing options...
Roman Roady Posted November 16, 2022 Share Posted November 16, 2022 Ok, the BoE has had some fun disposing one UKGOV, but now it’s time to get down to it and get on with the job in hand. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted November 16, 2022 Share Posted November 16, 2022 I'm not surprised. Were still seeing inflation working its way through when buying bulk herbs, spices and other bulk ingredients. I believe most of the increase is due to the poor exchange rate. Really need to rise to strengthen the pound. Perhaps 2% would kill import inflation, or a competent government? I am starting to test that it's too late and were on the way to the same status as Turkey. Quote Link to comment Share on other sites More sharing options...
athom Posted November 16, 2022 Share Posted November 16, 2022 And its still calculated massively under what it really is. They won't be able to hide the true figure, just delay reporting it a bit. Does this graph look like its peaked? Quote Link to comment Share on other sites More sharing options...
GeneCernan Posted November 16, 2022 Share Posted November 16, 2022 Emergency 1% anyone or do Sunak and Hunt just talk the talk? Quote Link to comment Share on other sites More sharing options...
BaldED Posted November 16, 2022 Share Posted November 16, 2022 Everyone else : Oh look inflation has gone up again. BOE : This is the last month it will be going up honest and we forecast it will be 2% in no time please just carry on as normal. Everyone else : 🙄 Quote Link to comment Share on other sites More sharing options...
BaldED Posted November 16, 2022 Share Posted November 16, 2022 36 minutes ago, Up the spout said: That'd be nice; the only thing lessening the loss I feel when thousands of pounds are evaporating from my savings, is that at least my assets aren't leveraged. Depends on what those assets are. Stocks going down. Housing flat at best. Gold going up. And in the current climate the biggest asset is you. Have a crap job or near retirement I suspect you are a bit f*cked. Nobody wins in this environment leveraged or not. Quote Link to comment Share on other sites More sharing options...
hotblack42 Posted November 16, 2022 Share Posted November 16, 2022 (edited) 13 minutes ago, athom said: And its still calculated massively under what it really is. They won't be able to hide the true figure, just delay reporting it a bit. Does this graph look like its peaked? Anyone who knows thar would become a millionaire overnight. Its impossible to know until after the event. IRs are nothing to do with the PM other than indirectly through policy & influence on the chancellor. Edited November 16, 2022 by hotblack42 Clarify Quote Link to comment Share on other sites More sharing options...
Up the spout Posted November 16, 2022 Share Posted November 16, 2022 (edited) 6 minutes ago, BaldED said: Depends on what those assets are. Stocks going down. Housing flat at best. Gold going up. And in the current climate the biggest asset is you. Have a crap job or near retirement I suspect you are a bit f*cked. Nobody wins in this environment leveraged or not. SPY is dead flat over 6 months (up, in Sterling), gold is up £20/oz over the same period. I think most assets are down in real terms this year, so in a high-inflation environment owning the least shitty ones is what to aim for. Edited November 16, 2022 by Up the spout Changed 'all' to 'most' Quote Link to comment Share on other sites More sharing options...
Huggy Posted November 16, 2022 Share Posted November 16, 2022 (edited) Snapshot taken before the website is updated 🙄 Then, from the BoE ultra-dove Silvana Tenreyro. Do we see what the problem is yet, or is the answer being lost in all the vigilance? UK interest rates already higher than needed, says BoE policymaker https://www.ft.com/content/67a6d0d9-e302-4f9b-8d67-c59243a601f9 Edited November 16, 2022 by Huggy Quote Link to comment Share on other sites More sharing options...
rollover Posted November 16, 2022 Share Posted November 16, 2022 20 minutes ago, athom said: And its still calculated massively under what it really is. They won't be able to hide the true figure, just delay reporting it a bit. Does this graph look like its peaked? Brexit And Indirect Taxes At The End Of 2022 forbes Quote Link to comment Share on other sites More sharing options...
Roman Roady Posted November 16, 2022 Share Posted November 16, 2022 1 hour ago, rantnrave said: BBC live feed is hilarious. Lots before the announcement in their build up that another increase in inflation is expected above the current 10%... May hit as high as 10.7%... Bank of England expects inflation to possibly hit as high as 11% as it peaks in the coming months. BREAKING NEWS: INFLATION HITS 11.1% We're expecting the latest inflation figures for the year to October in the next few minutes. As we've been reporting, in the 12 months to September 2022 the figure was 10.1%. Economists think inflation could rise to as high as 10.9% because of rising food and energy bills. But we'll find out shortly when we bring you the inflation announcement - along with analysis of what it means. Quote Link to comment Share on other sites More sharing options...
rollover Posted November 16, 2022 Share Posted November 16, 2022 At G20 US push to blame Russia for inflation crisis At the G20 summit in Indonesia, the United States and its allies are pushing the case that Russia and its war in Ukraine are to blame for the global cost-of-living crisis. Even with inflation running at 40-year highs and the threat of a global recession looming, the club of leading economies is far from united on a response, with many non-Western members reluctant to openly side against Moscow. aljazeera Quote Link to comment Share on other sites More sharing options...
micawber Posted November 16, 2022 Share Posted November 16, 2022 14.2% RPI Quote Link to comment Share on other sites More sharing options...
Roman Roady Posted November 16, 2022 Share Posted November 16, 2022 Cant make this up...from the Beeb again 6:50 When will inflation go down? While, today's inflation figure is expected to hit a new 40-year high - it could still rise further in coming months. The Bank now says it expects inflation to peak at 11% this year. It then thinks it will drop sharply from the middle of next year, falling to around 5% by the end of 2023. Lower inflation does not mean prices will go down. It just means they will stop rising as fast. In two years' time the Bank projects it will have fallen fall to 1.4%. But with uncertainty over what will happen to energy prices and the impact of recent policy changes by the government, it is hard to predict what will happen. Â Well that all bodes well for the UK's immediate financial future doesn't it. BoE in danger of having a credibility crisis here...action and not words now please BoE! A Sterling/Gilts crisis today of all days would be perfect. Quote Link to comment Share on other sites More sharing options...
Locke Posted November 16, 2022 Share Posted November 16, 2022 Trying to control inflation by controlling interest rates is like trying to drive by looking in the rear mirror. Quote Link to comment Share on other sites More sharing options...
Up the spout Posted November 16, 2022 Share Posted November 16, 2022 1 minute ago, Locke said: Trying to control inflation by controlling interest rates is like trying to drive by looking in the rear mirror. Higher rates leads to a higher demand for sterling; as long as the supply doesn't rise as much, the price will rise. More expensive sterling leads to cheaper imported goods. Quote Link to comment Share on other sites More sharing options...
nero120 Posted November 16, 2022 Share Posted November 16, 2022 B-b-b-b-b-but inflation has peaked!! Mortgage rates are falling! Quote Link to comment Share on other sites More sharing options...
Bear Goggles Posted November 16, 2022 Share Posted November 16, 2022 5 minutes ago, Roman Roady said: Lower inflation does not mean prices will go down. It just means they will stop rising as fast. This is the key bit. Even if inflation dropped to 0% tomorrow (which it won't) prices are still up by around 10% from this time last year. We'll either need deflation, or for wages to rise above inflation to get us back to where we were a couple of years ago. Otherwise everyone's permanently poorer. Â Quote Link to comment Share on other sites More sharing options...
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