anchadian Posted May 24, 2023 Share Posted May 24, 2023 The UK inflation rate has fallen sharply, reaching single figures for the first time since August. https://www.bbc.com/news/business-65682243 1 Link to comment Share on other sites More sharing options...
Celsius Posted May 24, 2023 Share Posted May 24, 2023 Bad. UK pound falls below 40thb very soon. 1 Link to comment Share on other sites More sharing options...
Mike Teavee Posted May 24, 2023 Share Posted May 24, 2023 23 minutes ago, Celsius said: Bad. UK pound falls below 40thb very soon. Good, news as there will be more confidence in UK economy so pound should stay the same or rise Link to comment Share on other sites More sharing options...
Upnotover Posted May 24, 2023 Share Posted May 24, 2023 Good. I hope the train companies, and others, reduce their pay offers to their employees proportionally. 1 1 Link to comment Share on other sites More sharing options...
bignok Posted May 24, 2023 Share Posted May 24, 2023 19.1% food rise. 8.7% is manipulated and way too high. 1 Link to comment Share on other sites More sharing options...
CharlieH Posted May 24, 2023 Share Posted May 24, 2023 1 hour ago, Celsius said: Bad. UK pound falls below 40thb very soon. Seems to be hoping other way around 43 this morning. Link to comment Share on other sites More sharing options...
BritManToo Posted May 24, 2023 Share Posted May 24, 2023 13 minutes ago, CharlieH said: Seems to be hoping other way around 43 this morning. I predict pound will be at 45bht by the end of the year. Inflation falling IMF backtracking. 1 1 Link to comment Share on other sites More sharing options...
RayC Posted May 24, 2023 Share Posted May 24, 2023 3 hours ago, bignok said: 19.1% food rise. 8.7% is manipulated and way too high. Care to elaborate? Link to comment Share on other sites More sharing options...
bignok Posted May 24, 2023 Share Posted May 24, 2023 13 minutes ago, RayC said: Care to elaborate? No 1 1 Link to comment Share on other sites More sharing options...
RayC Posted May 24, 2023 Share Posted May 24, 2023 4 minutes ago, bignok said: No On reflection, there's probably no need for elaboration. After all, you laid out such a compelling case in your original post. 1 Link to comment Share on other sites More sharing options...
placeholder Posted May 25, 2023 Share Posted May 25, 2023 16 hours ago, bignok said: 19.1% food rise. 8.7% is manipulated and way too high. From the landing page of the World News Forum "Any alleged factual claims must be supported by a valid link to an approved credible source." There must be a fiction forum out there somewhere that would be better suited to your kind of comment. Link to comment Share on other sites More sharing options...
placeholder Posted May 25, 2023 Share Posted May 25, 2023 The pound hasn't risen so far, but even if it did, that may just mean speculators are responding to the believe that the BOE will raise interest rates. Exchange rates aren't a great tool for prognostication. Up or down. Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 52 minutes ago, placeholder said: From the landing page of the World News Forum "Any alleged factual claims must be supported by a valid link to an approved credible source." There must be a fiction forum out there somewhere that would be better suited to your kind of comment. Opinions are allowed. Up to you if you believe these fantasy figures. Go study economics. Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 https://www.ubs.com/global/en/wealth-management/insights/chief-investment-office/market-insights/paul-donovan/2022/why-is-inflation-wrong.html Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 https://www.theguardian.com/business/2023/mar/13/alcopops-non-chart-cds-uk-inflation-basket-ons Link to comment Share on other sites More sharing options...
placeholder Posted May 25, 2023 Share Posted May 25, 2023 2 minutes ago, bignok said: https://www.ubs.com/global/en/wealth-management/insights/chief-investment-office/market-insights/paul-donovan/2022/why-is-inflation-wrong.html Do you understand that the information you linked to says that inflation is actually worse for lower income people with than what it is according to the CPI? And there's nothing there at all to back up your transparently unfounded assertion that "8.7% is manipulated and way too high." 1 Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 1 minute ago, placeholder said: Do you understand that the information you linked to says that inflation is actually worse for lower income people with than what it is according to the CPI? And there's nothing there at all to back up your transparently unfounded assertion that "8.7% is manipulated and way too high." Why are you misquoting me? 8.7% is way too high. It should be 3% in a proper managed economy. The real figure imo is over 12% atm. The OP claimed inflation dropped sharply yet states food went up 19.1%! These official inflation figures are a good laugh only. The UK only recently dropped non chart cds from their basket. What a laugh. Most people I know havent bought cds for 10 years. 2 Link to comment Share on other sites More sharing options...
RayC Posted May 25, 2023 Share Posted May 25, 2023 5 hours ago, bignok said: Why are you misquoting me? 8.7% is way too high. It should be 3% in a proper managed economy. The real figure imo is over 12% atm. The OP claimed inflation dropped sharply yet states food went up 19.1%! These official inflation figures are a good laugh only. The UK only recently dropped non chart cds from their basket. What a laugh. Most people I know havent bought cds for 10 years. BoE target inflation rate is 2% so, yes, the current inflation rate is way too high. Unless you collect, collate and analyse every transaction made, you will never get the actual inflation rate, only estimates. The UK figures for inflation are based on a basket of goods. The items in the basket are continually updated. The current list can be found in 2023 Excel sheet on this page https://www.ons.gov.uk/economy/inflationandpriceindices/datasets/consumerpriceinflationbasketofgoodsandservices The basket of goods almost certainly isn't a perfect reflection of consumer behaviour, and the resulting overall rate will therefore be flawed, however, the methodology is clear and imo it gives a reasonable estimate. Imo this is a much better, and more credible, approach then just plucking a figure out of thin air. Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 5 hours ago, RayC said: BoE target inflation rate is 2% so, yes, the current inflation rate is way too high. Unless you collect, collate and analyse every transaction made, you will never get the actual inflation rate, only estimates. The UK figures for inflation are based on a basket of goods. The items in the basket are continually updated. The current list can be found in 2023 Excel sheet on this page https://www.ons.gov.uk/economy/inflationandpriceindices/datasets/consumerpriceinflationbasketofgoodsandservices The basket of goods almost certainly isn't a perfect reflection of consumer behaviour, and the resulting overall rate will therefore be flawed, however, the methodology is clear and imo it gives a reasonable estimate. Imo this is a much better, and more credible, approach then just plucking a figure out of thin air. Not credible if counting cd sales. I don't know anyone who trusts the cpi data. Link to comment Share on other sites More sharing options...
Mac Mickmanus Posted May 25, 2023 Share Posted May 25, 2023 12 hours ago, bignok said: The UK only recently dropped non chart cds from their basket. What a laugh. Most people I know havent bought cds for 10 years. How many people do you know ? Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 1 hour ago, Mac Mickmanus said: How many people do you know ? 50 Link to comment Share on other sites More sharing options...
Mac Mickmanus Posted May 25, 2023 Share Posted May 25, 2023 3 minutes ago, bignok said: 50 How many of them have stopped buying C.Ds in the last ten years ? Also, what is the relevance of that to the U.K;'s inflation figures ? Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 3 minutes ago, Mac Mickmanus said: How many of them have stopped buying C.Ds in the last ten years ? Also, what is the relevance of that to the U.K;'s inflation figures ? CDs were in the basket of goods. A product hardly anyone buys anymore meaning downward pressure on prices. An example of how flawed the figures are. Link to comment Share on other sites More sharing options...
Mac Mickmanus Posted May 25, 2023 Share Posted May 25, 2023 21 minutes ago, bignok said: CDs were in the basket of goods. A product hardly anyone buys anymore meaning downward pressure on prices. An example of how flawed the figures are. The price of the C.D was what mattered , how much it costs in shops . Any price increase is counted as inflation How man they sold doesn't effect the figures of how much they cost to buy Link to comment Share on other sites More sharing options...
placeholder Posted May 25, 2023 Share Posted May 25, 2023 14 hours ago, bignok said: Why are you misquoting me? 8.7% is way too high. It should be 3% in a proper managed economy. The real figure imo is over 12% atm. The OP claimed inflation dropped sharply yet states food went up 19.1%! These official inflation figures are a good laugh only. The UK only recently dropped non chart cds from their basket. What a laugh. Most people I know havent bought cds for 10 years. Where have I misquoted you? Do you understand what "misquoted means" Here's what you originally wrote: "19.1% food rise. 8.7% is manipulated and way too high." You claimed that the CP of 8.7% is way too high. Now you're claiming that it's way too low. Make up your mind. 1 Link to comment Share on other sites More sharing options...
placeholder Posted May 25, 2023 Share Posted May 25, 2023 39 minutes ago, bignok said: CDs were in the basket of goods. A product hardly anyone buys anymore meaning downward pressure on prices. An example of how flawed the figures are. What you're leaving out is how much CD's counted towards calculating CPI. Without that figure, all you're doing is playing gotcha. Periodically, outdated items are ejected from the basket and new one introduced to reflect how consumers shop. 1 Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 7 hours ago, placeholder said: What you're leaving out is how much CD's counted towards calculating CPI. Without that figure, all you're doing is playing gotcha. Periodically, outdated items are ejected from the basket and new one introduced to reflect how consumers shop. Outdated by many years. Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 7 hours ago, placeholder said: Where have I misquoted you? Do you understand what "misquoted means" Here's what you originally wrote: "19.1% food rise. 8.7% is manipulated and way too high." You claimed that the CP of 8.7% is way too high. Now you're claiming that it's way too low. Make up your mind. 8.7% is way too high. Ask any economist if you don't know. Link to comment Share on other sites More sharing options...
bignok Posted May 25, 2023 Share Posted May 25, 2023 7 hours ago, Mac Mickmanus said: The price of the C.D was what mattered , how much it costs in shops . Any price increase is counted as inflation How man they sold doesn't effect the figures of how much they cost to buy Non regular item now for years. I could pick 100 items in their list apart but couldnt be bothered. Link to comment Share on other sites More sharing options...
bignok Posted May 26, 2023 Share Posted May 26, 2023 https://www.tandfonline.com/doi/full/10.1080/09692290.2020.1769704 Link to comment Share on other sites More sharing options...
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