Tuesday, February 12, 2013

2% Target – Forget it

UK inflation rate unchanged at 2.7% in January

"A big rise in the prices of alcohol and tobacco was the biggest factor driving prices up, the Office for National Statistics (ONS) said". Next month, the price of beef products will rise :-)

Posted by alan @ 11:35 PM (3347 views)
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13 thoughts on “2% Target – Forget it

  • It’s enough to drive you to drink. I’m getting sick of being bummed by inflation, punitive interest rates, theft…. How do we stop it all, I’ve had enough frankly.

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  • “A big rise in the prices of TAX was the biggest factor driving prices up, the Office for National Statistics (ONS) said”

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  • BBC & Sky Breaking News say BoE expects inflation over 3% going forward.

    I predicted that yesterday (along with thousands who have been saying it since Christmas…).

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  • Some senior investment fund managers have publicly stated for the last 18 months or so that the real rate of inflation in the UK for the average family is closer to 10% ! – this seems more believable to me than the ONS figure which is churned out month on month.

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  • @ jack – for sure, just by my own weekly / monthly outgoings i can see this & feel it in the pocket.. If they measured inflation on necessities rather than tv’s, pc’s, mobiles & white goods we would have a very different result..

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  • happy mondays (Wednesday, February 13, 2013 11:38AM)

    Meanwhile a letter from Halifax arrived today regarding the ISA saver on-line that I have with them “from 17 April 2013 the interest rate will change to 0.25%” which is down 2.75% from the 3% payable at present !

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  • But, according to Sir Merv, there is “cause for optimism”. What a joke he is.

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  • @ jack, that really sucks! What to do ! @ Grumpy Bob – cause for optimism – Mark Carney ?

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  • @6 Yup! And the best available alternative (if you want/need Instant Access) is 2%. As someone who has invested in ISAs for years, they’re got me snookered. The interest rate this year (and who knows for how many more) will be well below inflation but if I withdraw the money I can’t put it back if things improve (in case you don’t know, once money is withdrawn from an ISA account it can’t be put back in). What a racket!

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  • mark wadsworth says:

    Everybody’s real rate of inflation is different. If they say that the overall average is 2.7% over the past year, then I am inclined to believe it. There have been some big price rises in some things (food) in the past few years, but that appears to have been a one-off jump.

    If inflation really were 5% for ten years, then all prices would be about sixty per cent higher than ten years ago. Clearly they are for some things (food and fags, maybe petrol), but not for everything.

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  • expect more inflation supermarkets are claiming meat prices will go up because of the horesemeat scandal in other words supermarkets can no longer knowingly used diseased or chemical laden cheap meats for our food chain for their profits !

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  • Had an email from Shelter today pointing out that if food inflation had kept pace with that of housing, a chicken would cost more than £52.

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