Tuesday, July 15, 2008

CPI up 0.5%, RPI up 0.3% to 4.6

Inflation climbs to 3.8% in June

The UK inflation rate was 3.8% in June, pushed higher by rising food and fuel costs, official figures have shown

Posted by holding out @ 09:38 AM (1729 views)
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29 thoughts on “CPI up 0.5%, RPI up 0.3% to 4.6

  • Proberbly a silly question but can anyone tell me if Mervyn has to send a second letter for being above 3% again?

    explaining why the measure is heading in the wrong direction, and what he intends to do about it?

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  • I put the 3.8% almost wholly down to the obscene growth in house prices.

    It’s an absolute damning indictment of this incompetent, arrogant and ignorant Labour government.

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  • C'mon Correction says:

    Unless they push a 0.5% or 0.75% rate rise immediately then Gordon Brown can not expect for the workforce not to ask for at least a 4.6% pay rise.

    They (BOE) seriously need to get this under-control, this is going to spiral out of control unless they move hard and fast. None of this “but, but, but inflation may came down at the end of the year” b*llocks, if it does then fine, start dropping interest rates then.

    AND STOP PRINTING MONEY !!!!!!

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  • Maybe if interest rates had risen when they should of, inflation would be somewhat lower than it is now and they could of used interest rates as a tool to help boost things along.

    I recall thinking way back to 2001 that they would have to get interest rates up towards 7-8% to be able to use them as a tool again.

    They didn’t, they let the debt bubble grow and started making 1/4 % moves instead of 1/2 % moves.

    Now we have big trouble.

    I was right, they were wrong. MK gets a 100k pay rise on top of 295k. I get the heart ache of running a business and bringing up my family through a turbulent period of BUST.

    Cheers.

    BTW I don’t believe you’re fudged figures !

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  • sold 2 rent 1 says:

    This is the false inflation spike before the deflation sets in.
    The same thing happened in Japan in the 1990s.

    There is no wage-price spiral like the 1970s
    When the oil bubble bursts, there will be nothing to stop a deflationary depression.

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  • WOOOAH. That’s higher than predicted and nearly double the target of 2.0%.

    The BBC’s wording: “Rising food and fuel costs pushed UK inflation up to 3.8%”

    No. That should read “Rising food and fuel costs pushed UK official inflation measures up to 3.8%”

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  • i bet real inflation that you and i feel is more like 20%… soon a sandwich will cost a 1000 quid..

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  • tyrellcorporation says:

    Anyone know what Sterling is up to?

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  • voiceofreason says:

    S2R1 @3.
    I disagree, my wife is a teacher and the school care staff are on strike this week. The teachers are having another 2 day strike soon.
    The 2.4% pay deal with 3.8% CPI and 4.something RPI just doesn’t cut it.

    Maybe the Japanese were more averse to striking than the Brits ?
    The jobs that can’t be offshored still have bargaining power.

    Also, falling £ will cause inflation, and keep jobs here allowing more wage spirals.

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  • little professor says:

    Say goodbye to any hopes of an IR cut this year.

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  • george monsoon says:

    Will you ALL PLEASE STOP working with these government issued figures, they are complete horse sh*t.

    Even John Major came forward a few days ago to say “don’t trust government issued inflation figures”

    Inflation is at least in the teens % wise.. Get your heads out of the ground and smell the brown stuff people..!!!

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  • sold 2 rent 1 says:

    tyrellcorporation,

    “Anyone know what Sterling is up to?”

    GBP/USD is 2.01 – the dollar inex is 71.42 (-0.59)
    Gold up to 981

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  • george
    that was on the andrew’i’m horny for labour’marr show
    he said inflation was at least 9% and the goverment was delibertly fudging the figures

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  • @george

    “…these government issued figures, they are complete horse sh*t.”

    I concur completely. And why is it that CPI seems to have stealthily become the new inflation figure and RPI doesn’t even get mentioned anymore?

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  • planning4acrash says:

    George. Looking at government figures is useful because it gives an indication of what they will do with interest rates. looking at the non-official figures gives an indication of affect on our cost of living.

    S2R, my entire Council is out on strike two days this week. Also, if we are 1/4 of the way through the credit crunch there are many more bailouts and many more commodity spikes. I see hyperinflation. Particularly if Iran is hit and we get $500 oil. However, S2R, eventually your deflationary depression will set in. I just think that you underestimate the crazyness of our governments and have called it too early. Or, will this all be over by the beginning of the 6th night? Maybe, the depression sets in at the beginning of the 6th night after the power structure pushing for inflation cracks up. A second option is, that, at the beginning of the 6th night, we see a collapse of the power structure that leads to complete withdrawal from the middle east, abolishment of the fed, accountability for the CIA, MI5, etc. and a restoration of sanity to markets. A year of calm, ready for the final period of co-creation, where wealth goes back to the people and technologies held back are brought to the masses.

    Regardless, what do you see as triggers for an oil crash and what would a deflationary depression bode for gold?

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  • C'mon Correction says:

    George – I bought a new kitchen blender last week that was at least 5% cheaper than last year !! ;o)

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  • Mr King’s base salary was lifted from £283,564 to £290,653 last summer, the Bank’s annual report showed. and only acepted a 2.5% rise this year.
    .and hes building up a 180k annual pension. he could buy a few terraces for that when hes done the job. and by the way it is the brown stuff your being fed.
    Gordon Brown. ( & dont think the tories will do any better either)

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  • sold 2 rent 1 says:

    P4AC,

    This “fifth night” destruction is gathering pace.
    An attack on Iran is unlikely

    Just read this from thetruthseeker.co.uk
    Gazprom Connects to Iran Making any attack on Iran an attack on Russia’s interests too

    Gold is up sharply in the last week to 981.
    Oil cannot get above 147.

    Although I was wrong about gold being 1500 by end of June and 6 July being “consciousness day change”, I still think that 6 July marked the peak of the power of the POWER ELITE. If oil stays below 147 then this should back up this idea.

    The gold/oil ratio is up to 6.7. Oil should start to fall as fears of recession/depression rise and the smart money flows from oil to gold.

    The hammer blow for oil after it has fallen quite a bit will be when a deal between Genepax and Honda is announced

    Genepax’s WES (Water Energy System) and Honda’s New Fuel-Cell Car
    http://www.getmoneyenergy.com/2008/06/genepax-water-energy-system-honda-fuel-cell/

    As for the start of the depression, Martin Armstrong’s model shows a high in April 2009 and then a massive low in 2011.

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  • p4ac said:
    >>”A second option is, that, at the beginning of the 6th night, we see a collapse of the power structure that leads to complete withdrawal from the middle east, abolishment of the fed, accountability for the CIA, MI5, etc.”

    Now it’s funny you should write that, as I think the abolishment of the fed is really very likely ,alternatively a car cleverly disguised as a car will cause a change of consciousness. As for MI5, apparently their mandate has been widened and they are about to announce a new super baby that can cry oil. This could align closely with s2r1 oil crash hypothesis.

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  • holding out says:

    I wish you’d make your mind up – Is it 5th or 6th night destruction?

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  • nopensionnohouse says:

    @s2r1 “Although I was wrong about gold being 1500 by end of June and 6 July being “consciousness day change”

    Lol.

    “Genepax and Honda water car”

    Christ, give me warning next time you crack a joke will you? I nearly spat my coffee over my laptop!

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  • holding out says:

    I think that Genepax and Lillets will be making an anouncement soon.

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  • tyrellcorporation says:

    Meanwhile, back on planet Earth…

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  • Bullish Bear says:

    S2R1

    You are not as educated as you make out – you certainly are not a scientist or engineer in the oil and gas industry…..

    For your information, the air powered car is already here: http://news.bbc.co.uk/2/hi/science/nature/7243247.stm

    (I guess you missed this one!)

    If everyone in the planet stopped driving – there would still be a tremendous need for oil. For powering your home, for your medicines, for your plastic goods and for your food (to name a few). Yes the price of oil will fall, but we’ll still need it – always.

    Your selective reading is giving you a very narrow minded opinion on everything it seems – try and re-adjust your balance.

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  • This is the false inflation spike before the deflation sets in.

    Let’s have it then! 😉

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  • Whostolemyendowment? says:

    For tomorrow…..16th July…..on this day…..

    16th July 1918 : Czar Nicholas II and his family are executed by the Bolsheviks, bringing an end to the three-century-old Romanov dynasty
    16th July 1945 : The world’s first atomic bomb was detonated near Alamogordo, New Mexico
    16th July 1970 : The British Home Secretary Reginald Maudling declares a state of emergency to deal with dock strikes, this will allow the use of The Army, Navy and Airforce to be on standby to handle cargo from ships affected.
    16th July 1979 : Following a period of building his power base in Iraq Saddam Hussein forces the ailing president of Iraq ( al-Bakr ) to resign and takes over as the president of Iraq. On his first assembly of Ba’ath party leaders following gaining control he lists 68 “disloyal” members of the party to be removed ( Later tried and Many sentenced to death ) to ensure his rule would be safe from dissenters.
    16th July 2002 : President George W. Bush announces his plan for strengthening homeland security in the wake of the September 11, 2001, ( 911 ) terrorist attacks on New York and Washington, D.C., in which nearly 3,000 people had been killed. He created the Department of Homeland Security and the color-coded warning system that identified different levels of threat.

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  • sold 2 rent 1 @ 14

    “Oil cannot get above 147.”

    Really. If and when it does will you stop banging on about it? Change the record mate, your ones gotta scratch, gotta scratch, gotta scratch, gotta scra…

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  • nopensionnohouse says:

    For tomorrow…..16th July…..on this day…..

    16th July 1979: Fell over and grazed my knee on the way home from school.
    16th July 2002: Got drunk on the Fifth night (Friday) banged head on the way home from the pub.
    16 July 2008: Wondering if s2r1 has banged his head because he’s sounding more and more unhinged every day.

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  • sold 2 rent 1 says:

    nooneo,

    Oil just dropped to 138.
    This was the 2nd or 3rd atttempt to get over 147.
    The oil bubble should burst from here

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