Compared to 3.8% expected. Might put off rate falls by a quarter. Will strengthen the pound slightly but not much else.
Discussions on economics on this sub are genuinely mind numbing.
Fucker, was hoping for another rate reduction before our mortgage renewal
I want a government that listens to experts and knows what theyre doing rather than getting pretend excited about incorrect facts like ‘ we are the fastest growing economy in the g7! And ‘see, I told you we would half inflation at some point!’
The rise is mostly being attributed to Alcohol and Tobacco primarily because of an increase in duty on Tobacco that arrived in December.
>**Alcohol and tobacco**
>
>Prices in the alcohol and tobacco division rose by 12.8% in the year to December 2023, compared with a rise of 10.2% in November. Prices rose by 1.2% between November and December this year, compared with a fall of 1.1% between the same two months a year ago.
>
>The increase in the annual rate was largely the result of the increase in tobacco duty, after the government announced higher taxes in their autumn statement. Tobacco prices rose by 4.1% between November and December compared with a 0.3% rise between the same two months last year, leading to an annual increase of 16.0%.
>
>Alcohol made a smaller contribution to the rise in the annual rate. Alcohol prices fell by 1.6% between November and December 2023 and by 2.3% between the same two months last year, leading to an annual increase of 9.6%.
If there is an upside to this (albeit a very small one) at least the extra paid on Tobacco has gone into the tax coffers rather than lining the pockets of billionaires.
Inflation goes down, Government: “the plan is working”
Inflation stays the same, Government: “the plan is working”
Inflation goes up, Hunt: “the plan is working, it’s never a straight line”
I for one am not surprised. Have noticed some price increases for the first time in several months.
Chocolate for example. Lidl got rid of their cheapest chocolate altogether this month, and the next bracket up increased 10p.
Also noticed some bad shrinkflation this month.
Before cooking I put the food on the baking tray and suddenly realise I’ve been conned.
Sunak has failed at controlling inflation and failed at stopping the largest invasion the UK has ever seen.
(he basically funds and finances the actual invasion)
Hopefully Tories not just lose their seats but are denied any other cushy job afterwards.
Surprise? Did these people ever put a foot on the street?
Surprise to who exactly?? Not to me, and not to ordinary Brits who have to buy things everyday and still notice dramatic price increases in their shop. It seems to be only elite people and our journo/political class that are surprised because theyre so out of touch with reality.
Im currently planning an event for 2024, have a strict budget and checked a lot of prices in November. I am now having to recheck them again and cut things because alot of items and services have gone up dramatically. Alot of food items have gone up by as much as 30%
And with the red sea situation not looking like it will resolve soon, the shipping prices to ship from Asia to Europe will be 50% higher and 2-3 weeks longer, so buckle up for more price increases in the coming months.
10 comments
Compared to 3.8% expected. Might put off rate falls by a quarter. Will strengthen the pound slightly but not much else.
Discussions on economics on this sub are genuinely mind numbing.
Fucker, was hoping for another rate reduction before our mortgage renewal
I want a government that listens to experts and knows what theyre doing rather than getting pretend excited about incorrect facts like ‘ we are the fastest growing economy in the g7! And ‘see, I told you we would half inflation at some point!’
The rise is mostly being attributed to Alcohol and Tobacco primarily because of an increase in duty on Tobacco that arrived in December.
>**Alcohol and tobacco**
>
>Prices in the alcohol and tobacco division rose by 12.8% in the year to December 2023, compared with a rise of 10.2% in November. Prices rose by 1.2% between November and December this year, compared with a fall of 1.1% between the same two months a year ago.
>
>The increase in the annual rate was largely the result of the increase in tobacco duty, after the government announced higher taxes in their autumn statement. Tobacco prices rose by 4.1% between November and December compared with a 0.3% rise between the same two months last year, leading to an annual increase of 16.0%.
>
>Alcohol made a smaller contribution to the rise in the annual rate. Alcohol prices fell by 1.6% between November and December 2023 and by 2.3% between the same two months last year, leading to an annual increase of 9.6%.
If there is an upside to this (albeit a very small one) at least the extra paid on Tobacco has gone into the tax coffers rather than lining the pockets of billionaires.
Inflation goes down, Government: “the plan is working”
Inflation stays the same, Government: “the plan is working”
Inflation goes up, Hunt: “the plan is working, it’s never a straight line”
I for one am not surprised. Have noticed some price increases for the first time in several months.
Chocolate for example. Lidl got rid of their cheapest chocolate altogether this month, and the next bracket up increased 10p.
Also noticed some bad shrinkflation this month.
Before cooking I put the food on the baking tray and suddenly realise I’ve been conned.
Sunak has failed at controlling inflation and failed at stopping the largest invasion the UK has ever seen.
(he basically funds and finances the actual invasion)
Hopefully Tories not just lose their seats but are denied any other cushy job afterwards.
Surprise? Did these people ever put a foot on the street?
Surprise to who exactly?? Not to me, and not to ordinary Brits who have to buy things everyday and still notice dramatic price increases in their shop. It seems to be only elite people and our journo/political class that are surprised because theyre so out of touch with reality.
Im currently planning an event for 2024, have a strict budget and checked a lot of prices in November. I am now having to recheck them again and cut things because alot of items and services have gone up dramatically. Alot of food items have gone up by as much as 30%
And with the red sea situation not looking like it will resolve soon, the shipping prices to ship from Asia to Europe will be 50% higher and 2-3 weeks longer, so buckle up for more price increases in the coming months.