“It’s idiotic, it’s dangerous and it will never work.”Lord Stuart Rose, former Asda chairman, is outraged that the government has asked supermarkets to cap p...
Inflation numbers are always a summary - whereas we naturally tend to focus on the worst examples. So some products you buy probably didnt go up as much, but that’s harder to remember. Overall, housing costs haven’t gone up nearly as much as food, for example, so your total inflation was likely closer to the headline figures (though I’m specifically talking about food inflation, which sometimes did make the headlines itself)
That brings us to another phenomenon, which is that noone actually buys the exact “basket of goods” that economists use to work out inflation, so your personal rate can be different for that reason as well.
But in the end there was a period of high inflation, which peaked at about 20% year on year, and while wages have grown, they haven’t grown anywhere near as much.
I think this means stories like this one have much more salience because we’re all feeling the pinch due to inflation since 2020, so a low level of inflation now is very worrying.
Inflation numbers are always a summary - whereas we naturally tend to focus on the worst examples. So some products you buy probably didnt go up as much, but that’s harder to remember. Overall, housing costs haven’t gone up nearly as much as food, for example, so your total inflation was likely closer to the headline figures (though I’m specifically talking about food inflation, which sometimes did make the headlines itself)
That brings us to another phenomenon, which is that noone actually buys the exact “basket of goods” that economists use to work out inflation, so your personal rate can be different for that reason as well.
But in the end there was a period of high inflation, which peaked at about 20% year on year, and while wages have grown, they haven’t grown anywhere near as much.
I think this means stories like this one have much more salience because we’re all feeling the pinch due to inflation since 2020, so a low level of inflation now is very worrying.