Inflation in surprise jump to 10.4% in February

[Unlucky4Sum]

Well the delivery turned up and the reason it was a lot dearer than normal was because the bloke that ordered it was half asleep and has sausage fingers .  On the plus side the freezer is full up and we will be shitting grapes for a fortnight

We've all done it.  

[Streetwalker]

I dont think anyone has failed to notice price increases and their weekly shop getting a lot dearer ,just not the 100% being reported .
Ive actually just done an online shop , olive oil down (£6 -£4.50) Haddock £4.50 kg (as opposed to smoked haddock £20kg)
And so on ,just need to be a bit flexable though even with a few bargins it is still noticable , I look at some item and think 'Im not paying that '

Well the delivery turned up and the reason it was a lot dearer than normal was because the bloke that ordered it was half asleep and has sausage fingers .  On the plus side the freezer is full up and we will be shitting grapes for a fortnight 

[Borchester]

But oil prices are now below where they were in October 2021 (before that invasion started to loom).  It's convenient for politicians to blame everything on Putin but the truth is the inflation has come from longer term trends, the supply backlogs from Covid and the need to address the money printing that kept the economies alive during the crisis.

https://www.bbc.co.uk/news/topics/cmjpj223708t/oil 

True.

The quantitative easing of the previous decade meant that the world was awash with cash, interest rates were low and life was good. Sadly, nothing lasts forever and now that the world economies have started to settle down there is less money available, interest rates have started to rise and with it inflation.

[patman post]

UK inflation, as measured by the CPI, was 10.4% in the year to February, an unexpected increase on January's figure of 10.1%. Inflation has been over 10% for six consecutive months and remains close to a 40-year high. UK inflation was 6.2% in February 2022.

EU inflation was 9.9% in February, down from 10.0% in January. In February 2022, EU inflation was 6.2%.

In the Eurozone, inflation was 8.5% in February, down from 8.6% in January.In February 2022, Eurozone inflation was 5.9%.

In Germany, inflation was 9.3% in February, up from 9.2% in January.

In France, inflation was 7.3% in February, up from 7.0% in January.

https://researchbriefings.files.parliament.uk/documents/SN02794/SN02794.pdf

G7 real GDP %-change compared to pre-pandemic level
(Q4 2022 compared to Q4 2019)
US 5.1
Canada 2.9
Eurozone 2.4
Italy 1.9
Japan 0.8
Germany 0.0
UK -0.8

The UK had the largest decline in GDP among the G7 in 2020 (-11.0%) the first year of the pandemic and its relatively strong performances in 2021 (+7.6%) and 2022 (+4.0%) were largely a recovery from the weakness in 2020 and early 2021.

https://commonslibrary.parliament.uk/research-briefings/sn02784/

[Unlucky4Sum]

This is all based on the price of oils, have a word with Putin, he is the one driving the hikes in food prices, nothing else.

But oil prices are now below where they were in October 2021 (before that invasion started to loom).  It's convenient for politicians to blame everything on Putin but the truth is the inflation has come from longer term trends, the supply backlogs from Covid and the need to address the money printing that kept the economies alive during the crisis.

https://www.bbc.co.uk/news/topics/cmjpj223708t/oil  

[Nick]

As someone who not just buys food but works in an outlet that sells loads of it, I have noticed some astronomical price increases. Cooking oil has doubled in price. A sealed packet of fresh smoked haddock has increased from £3.90 to £5.60. Bottled flavoured carbonated water has increased from 45p to 60p. A large box of Felix cat food has increased from £10 to £13. I could go on. And all this in less than a year.

The poorest of course spend much higher proportions of their incomes on food out of necessity and are thus being hit far harder by this than the typical MP, who is able to in any case pass much of their own food costs onto us as expenses.

This is all based on the price of oils, have a word with Putin, he is the one driving the hikes in food prices, nothing else. 

[Streetwalker]

So how are you guys fighting inflation?

As you say, you can't rely on the Tories and it will be months before Sir Keir rides to the rescue, so I have taken on a couple of extra pupils. Not something I wanted to do, but it is easy work and pays for a kilo or two of Lavazzo coffee, plus the occasional scratch card for Herself.

What are your plans?

No change here ,I'll have a look in the summer if I need to work more but I think inflation will probably have leveled off by then and we will all know whats what .

[Unlucky4Sum]

It is not me that made the claim that average food prices have doubled. I said that some items' prices have and cited cooking oil as one example. The actual average food price inflation rate is close to 18%, which is colossal but a lot less than double. My own average rate of inflation for food according to that test is also about 18%. But the average figure hides a multitude of sins. The very foods that the poorest tend to buy, the cut price budget brands, tend to be the ones I see increasing by the largest percentages. So the poor must surely be facing a well above average level of personal food price inflation. And the test does not seem geared up to measure that.

I agree you didn't, it was Papasmurf but he's now admitted it was a typo (but he admits it in a way that tried to blame me) 

Inflation is definitely worse for those with least and the least ability to cut spend.  It's a disgrace that the benefit cap has not only not been indexed but actually been cut in cash terms since its introduction (2014 IIRC).  Some people are in real trouble.

[Unlucky4Sum]

So how are you guys fighting inflation?

As you say, you can't rely on the Tories and it will be months before Sir Keir rides to the rescue, so I have taken on a couple of extra pupils. Not something I wanted to do, but it is easy work and pays for a kilo or two of Lavazzo coffee, plus the occasional scratch card for Herself.

What are your plans?

Currently a mix of living in denial (have turned the heating down a micro tad) and eating into savings.  I keep trying to explain to Mrs U4S that we have run out of relatives to die and leave us money but I don't think it's working.
 
I'd give up the cocaine, fast women and fast cars but sadly they were only ever in my imagination

[patman post]

So how are you guys fighting inflation?

As you say, you can't rely on the Tories and it will be months before Sir Keir rides to the rescue, so I have taken on a couple of extra pupils. Not something I wanted to do, but it is easy work and pays for a kilo or two of Lavazzo coffee, plus the occasional scratch card for Herself.

What are your plans?

I guess Mrs P is manipulating the day-to-day household budget, but she's fairly clued up on prices and costs. 

Other than that, we may be looking at big ticket items and subscriptions when they become due, but I'm not aware of any drastic cut backs in the offing...

[Borchester]

So how are you guys fighting inflation?

As you say, you can't rely on the Tories and it will be months before Sir Keir rides to the rescue, so I have taken on a couple of extra pupils. Not something I wanted to do, but it is easy work and pays for a kilo or two of Lavazzo coffee, plus the occasional scratch card for Herself.

What are your plans?

[srb7677]

BBC has an online 'how much are prices rising for you' calculator.  Lets see if anyone can create a profile that actually ends up showing their prices have doubled.  Bet they can't

https://www.bbc.co.uk/news/business-62558817

It is not me that made the claim that average food prices have doubled. I said that some items' prices have and cited cooking oil as one example. The actual average food price inflation rate is close to 18%, which is colossal but a lot less than double. My own average rate of inflation for food according to that test is also about 18%. But the average figure hides a multitude of sins. The very foods that the poorest tend to buy, the cut price budget brands, tend to be the ones I see increasing by the largest percentages. So the poor must surely be facing a well above average level of personal food price inflation. And the test does not seem geared up to measure that.

[papasmurf]

Look in reply 9 you said prices had gone up by 100% for some people.  Not some prices for all people.  Seems you can't back that comment so it's just further evidence you will post made up false stories.

So you are like the Pope never make typo.  For those struggling to buy food and with own brand and budget price food now difficult to find, on a year on year basis many item have gone up for them 100% and even more as the link I posted shows.
My wife and I a few months back had to add £50 a month to the household budget account. We are going to have to raise that again by at least another £50, if not more.

[Unlucky4Sum]

No-one has stated ALL prices have doubled, but year on years a significant number have. Exacerbated by own brands and budget lines becoming like rocking horse poo and Unicorns. Then there is supply and empty shelves. (Which is going get worse over the next few months especially fruit and veg.)

Look in reply 9 you said prices had gone up by 100% for some people.  Not some prices for all people.  Seems you can't back that comment so it's just further evidence you will post made up false stories.

[papasmurf]

 I look at some item and think 'Im not paying that '

Same here, and trying to get near the yellow ticket shelves is sometimes dangerous.