UK inflation falls sharply to 4.6%
UK inflation falls sharply to 4.6%
Prices are rising at their slowest rate in two years, official figures show.
We did it Lemmy! The working and middle class have stayed poor and we did it all without raising taxes on the rich!
Yay we're saved! Prices are rising less fast.
Which is fine as long as wages are going up faster than prices.
Boss: 😂🤣🤣🤣🤣
Fab! I bet my employer uses that info for pay reviews, -3%!
This is an improvement, obviously, but 4.6% is still quite high, it's not thanks to the Tories that it's fallen and it's only retreating from a record high that was largely caused by the Tories.
Yay! The Tories have saved us from the Tories. I love the Tories, they're great!
WTF. Inflation is a global issue right now, but somehow it's Biden's, Trudeau's or the Tories fault?
It's higher than elsewhere because of the Truss mini-budget and Brexit.
TBF soaring energy prices are one of the main contributors to inflation. Not that much the tories can do about that.
Europe is in a proxy war with Russia. It's unreasonable to expect that to have no consequences.
Energy firms have made record profits since the war started. Perhaps the government could have taxed them more or put limits on how much wealth they could amass while more and more people choose between eating and heating? Idk. I’m not an economist or a politician, but I’m pretty sure there’s something the tories could have done better…
The damage is done I’m afraid.
I expect living prices to not fall at all
They are still going up, just not as sharply. Only remotely good news is that average wages are went up faster than inflation. Obviously is in unlikely to be of comfort if you are on min. wage or a government controlled sector.
hope to see that in the US. two years about 10% while wage increase was 2%
Not an opinion, just a genuine question. What are peoples thoughts on the inflation figures from ONS, do you think they are accurate?
Good question. There are probably quite good at measuring well. However, Considering that they say the fall is mostly due to the energy cap, the better question might be...Are they measuring the right prices? There's no right answer, I suppose.
The ONS has multiple values depending on which selection of prices you're interested in. EMG. With/without fuel, and one assuming a standard shopping basket which they regularly update to make sure it's what people are currently buying.
TLDR: opec controls inflation through gas prices.
This is the best summary I could come up with:
UK inflation fell sharply in October to its lowest rate in two years, largely due to lower energy prices.
Inflation, which measures the rate at which consumer prices rise, dropped to 4.6% in the year to October, down from 6.7% the month before.
The figure means a government target to halve inflation by end of the year has been met early.
Economists have said the main reason inflation has fallen from a peak of 11.1% in October 2022 is due to fall in the energy price cap, which limits what suppliers can charge consumers per unit of energy.
They also credit the Bank of England's decision to raise interest rates.
Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: "Inflation fell substantially on the month as last year's steep rise in energy costs has been followed by a small reduction in the energy price cap this year."
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