Saturday, May 31, 2008

Food prices up 5.8% since May!!!!!! CPI is rubbish.

Supermarket food shop 'costlier'

The cost of the average supermarket food shop was 5.8% higher in May than at the beginning of the year and will continue to rise, a study suggests.

Posted by david20040_0 @ 08:15 PM (606 views)
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12 thoughts on “Food prices up 5.8% since May!!!!!! CPI is rubbish.

  • whiteknight says:

    5.8% since end of December according to this.

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  • John_coller says:

    Is this part of that deflation everyone keeps going on about?

    Just speculation caused by crazy traders stockpiling eggs and milk?

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  • The CPI is ‘rubbish’ as an indicator of the cost of a supermarket food shop; It is an indicator of the change in price of a range of items (listed on the ONS website)

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  • It looks as though the increased cost of fuel and food commodities is now feeding through to supermarket prices.

    For a while the big food producing companies appeared to be squeezed by increased input costs and an inability (possibly due to fixed price supply contracts) to pass the cost on.

    How on earth is GB going to keep the lid on pay rises, when fundamental living costs are so conspicously on the increase, and he has an urgent need for union funds to stop the Labour party going bankrupt?

    If Labour did go bankrupt, the members of the NEC would be personally liable, including GB himself. If he hasn’t got a spare million or two, that would result in the Prime minister going bankrupt – and bankrupts are not allowed to hold elected office…

    ..what makes me think the taxpayer is about to bail out the Labour party?

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  • UT – too bad for the Labour Party that there aren’t many sub-prime loans available any more.

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  • UT – Too bad for the Labour Party that there aren’t many sub-prime loans available any more.

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  • dohousescrashinthewoods says:

    robh, you are absolutely spot on.

    Too bad the items listed on the ONS site are monocle grease, steam engines and valve-operated computing aparatus (I hear they are adding the price of houses, the cost of sub-prime debt packages and the value of the pound to “balance” the basket, possibly Gordon’s poll ratings too, shortly to be followed by the stock market).

    Not even sheeple believe it – and they have worked hard trying to eat their widescreen TVs in a bid to help pay the mortgage..

    Dead man walking. Will he be out by Summer, or will it take ’til Christmas for Brits to bust a vein and physically force Labour out of office?
    Never mind the festering financial black hole of a state marching determinedly to totalitarianism, when Brits feel they’re not “getting more” as they “deserve” they’ll be looking to blame anyone but themselves. At least we may see some action, but do we have the fibre to build anything better even if we do get off our embarassed butts?

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  • Thanks for that robh. You’re the first person I have ever seen anywhere on any website or on TV to try to defend the CPI as an accurate cost of living.

    You don’t work for the ONS or central government by any chance do you?

    (thought so.)

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  • And if you do wish to defend the joke that is the CPI, please defend the fact that the largest weighting in the CPI is given to electrical and white goods which although are infrequently purchased by consumers, tend to be downwardly price sensitive to the pace of innovation.

    Which is very convenient for the ONS, but deeply inconvenient for concumers that have to purchase essentials such as food and fuel which have much much lower weightings in the CPI.

    Still want to publicly defend the CPI now?

    (didn’t think so.)

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  • dohousescrashinthewoods says:

    Technically robh’s statement is neutral and accurate (as reflected in my earlier post). It, by its presentation, appears as a defence, but does not make a claiim, so provides room for retraction.

    Sounds much like government tactics to me.. 😉

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  • planning4acrash says:

    The relative accuracy of CPI is meaningless. Any measure of inflation that does not measure growth in the money supply is a lie. All other measures serve to let bankers print money 2 maintain their wealth, &2keep a lid on paydemands+pension expectations.

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  • Actually Paul, if you look up the CPI weighting stats, household appliances is only 0.9% of the CPI basket, and audio visual goods 2.7%

    For the weights, both current and historic, for CPI, look here:

    http://www.econstats.com/uk/uk_mm23____8a.htm

    It’s worth a look, although easier to study if you copy it onto an excel spreadsheet

    (To get past the formatting issues, copy and then paste into Excel, then copy and paste again onto another Excel sheet using Edit – Paste Special – Values)

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