Jump to content
House Price Crash Forum
gruffydd

Boe Says Ons Is Overestimating Inflation

Recommended Posts

"To the extent that retailers are making greater use of temporary special offers that are not typically picked up in the price comparisons, such as 'buy one, get one free', measured food price inflation may be higher," the Bank said in its quarterly inflation report.

Causing problems with your numbers is it?

An underestimate, if anything.

Share this post


Link to post
Share on other sites

Ok, so does that mean the BoE can now just ignore the CPI figure if they think it is wrong and just insert their own estimate? Lets see now, if they had a 2% CPI estimate, inflation problem would be solved, leaving room for interest rates to be put on hold and maybe falling by Xmas.

We know the BoE said oil prices would be falling by now, but they are above where they were when they made their forecasts. We know that food prices are on the rise, and the BoE did not expect that to happen. Problem is that headline inflation numbers are not falling as per the BoE forecasts but they do not want to be forced to raise rates at this particular time.

Share this post


Link to post
Share on other sites

I read they produce their own GDP statistics!

I seem to remember they also raised some questions about the employment numbers recently.

I think there's a stat's reform going through at the mo'.

Share this post


Link to post
Share on other sites

I love it:

Supermarkets' growing use of temporary special offers means official data may overstate the true level of food price inflation in Britain, the Bank of England said on Wednesday.

.....so the Bank of England are now offering two sets of statistics for the price of one.....a "2 for the price of 1 offer" ...come on how luck can you get......!..stop complaining...... :P:lol::lol: ....laugh.....!.. :unsure:

Share this post


Link to post
Share on other sites
I would have thought the pace of inflation on food was under estimated the way my wife talks about prices going up.

...the BoE are grabbing every straw available..... :o:o:o

Share this post


Link to post
Share on other sites

there is a very easy way of measuring inflation.

get the permission of 10,000 people to track everything they spend and what items (use tesco, credit card details etc etc) nice and accurate, track when the price of a product changes, keep an eye on the mix

Share this post


Link to post
Share on other sites
Guest vicmac64

BOE - just a joke - really.. Mervyn proves it - trying to show his muscles like a school boy.. The question was more important than the answer.. The answer proves that .. its sooo out of control even Merv feels he has to be the big guy - how pathetic .... but he hasn't got any muscles and he is just a little guy . so yesterday was a bodybuilding contest if you like. And the pyramid about to collapse won.

Share this post


Link to post
Share on other sites
get the permission of 10,000 people to track everything they spend and what items (use tesco, credit card details etc etc) nice and accurate, track when the price of a product changes, keep an eye on the mix

Alternatively, you could just compulsarily retrieve the same data (ie, revenue per customer) from the supermarkets (the largest of whom all collect this on a per-customer, per-store, like-for-like/ week-on-week basis). If it's good enough for the financial sector to disclose end of day trade figures, I don't see why retail gets a free ride.

There really is no excuse for the ONS's fumbling in this area.

Share this post


Link to post
Share on other sites
"To the extent that retailers are making greater use of temporary special offers that are not typically picked up in the price comparisons, such as 'buy one, get one free', measured food price inflation may be higher," the Bank said in its quarterly inflation report.
Read between the lines - food inflation is going to ramp up over the next few months, so lets get our reasons/excuses in early.

Exact-a-mundo.

Share this post


Link to post
Share on other sites

Why is it that none of the supposed intellegentsia at the BoE and ONS can resolve this issue? These inept morons spend their time arguing in public rather than reaching a consensus. The government runs both of these departments and should have cracked some heads together by now. I get the impression that the BoE/ONS/Chancellor/Gordon Brown will manipulate the figures anyhow, so the idea of gauging 'the real inflation figure' is moot.

I envisage panic around the dinner table of your average semi:

Wife : 'I got these bargain Turkey Twizzlers in a 2 for 1 special at Tesco's today'

Husband: 'You stupid cow, you've only gone and skewed the Bank of England's whole inflationary basket with your special offer shopping madness.'

Share this post


Link to post
Share on other sites
Wife : 'I got these bargain Turkey Twizzlers in a 2 for 1 special at Tesco's today'

Husband: 'You stupid cow, you've only gone and skewed the Bank of England's whole inflationary basket with your special offer shopping madness.'

:lol::lol::lol::lol::lol:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 356 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.