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UK inflation remains unchanged at 4% (www.theguardian.com)

submitted 9 months ago by Fudoshin to c/unitedkingdom

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[–] HorseRabbit@lemmy.sdf.org 36 points 9 months ago

"wage growth ... could lead to inflationary pressures becoming entrenched"

Never mind the report from the bank of England saying that the vast majority of the current inflation is due to increased corporate profits (price gouging bastards). No, if the struggling poor ask for their wages to keep up with prices then "inflationary pressures become entrenched".

Actually evil. These people have nothing but contempt for you. "You will suffer, and you will say thank you, or we will raise your rent again".

[–] killeronthecorner@lemmy.world 14 points 9 months ago (1 children)

Can I see a single fucking example of food prices dropping?

[–] JasSmith@sh.itjust.works 5 points 9 months ago

Food prices are not forecast to drop. They’re forecast to rise, and I believe in excess of average inflation.

[–] autotldr@lemmings.world 5 points 9 months ago

This is the best summary I could come up with:

Britain’s annual inflation rate remained unchanged at 4% in January despite an increase in energy bills as the cost of living crisis persisted.

Against a backdrop of a tough Christmas for UK retailers because of weak consumer spending, furniture prices also fell at the fastest monthly rate in four years amid steep reductions for kitchens, leather settees, dining tables and chairs.

Between December 2021 and August 2023, Threadneedle Street’s monetary policy committee raised interest rates 14 times in an attempt to ease prices pressures.

However, the Bank has said it needs to be sure inflation is on track to remain sustainably at its 2% target, warning that wage growth and prices in the services sector of the economy could lead to inflationary pressures becoming entrenched.

According to the latest figures from the ONS, core inflation – which excludes energy, food, alcohol and tobacco, and is closely watched by the Bank – remained unchanged at 5.1%.

Although inflation has fallen back from the levels seen a year ago, prices for essential goods and services still remain high, adding to pressure on households amid the cost of living crisis.

The original article contains 529 words, the summary contains 187 words. Saved 65%. I'm a bot and I'm open source!

[–] JasSmith@sh.itjust.works 3 points 9 months ago

Almost all OECD nations are also struggling with the last couple percent on the path back to 2%. It looks like it’s the stickiest, and it might require higher reserve rates to tame. Governments spent unimaginably amounts of stimulus money during covid and the economy is still swimming in cash. Inflation won’t be tamed until those reserves are spent.