Inflation rates are quoted as rolling annual percentages.
Since 2019, the cost of goods and services has gone up 21.94%.
You can find out more about much the value of your money has decreased over time using the Bank of England’s Inflation Calculator at https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculator
This is the important one. Inflation figures are year-on-year.
If the high rate continues for more than 1y, the hike can be more painful than the YOY number suggests.
as cost of living pressures ease
Like the rest of the media, The Guardian is helping to make out that - as inflation supposedly falls - food and energy prices will fall. That’s not what’s happening - or will happen. Prices will continue to rise, just not so sharply.
I can’t see how “cost of living pressures” will go away without deliberate price cuts. AND THAT’S NEVER GOING TO HAPPEN IN THE UK.
Deliberate price cuts and wage rises at the level of inflation.
Yes. Agreed.
But what is that…? The sound of Sunak refusing decent pay rises to public sector workers and allowing the triple lock for Tory-voting old people to add £10 billion a year to government spending.
Or, and now hear me out, wage rises that are a fair bit higher than inflation like boomers enjoyed for most of their lives.
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Sorry, I’m poor. What does inflation have to do with my inability to buy anything? Will my pay increase, or prices decrease with less inflation?
Prices won’t decrease but they are just rising fast instead of really fast which is… progress?!
Technically peoples pay should increase but there will no doubt be a nice lag to that too won’t there.
Yeah but if we do that then inflation will just go up more. Somehow. Even though real wages has been dropping for decades.
Almost like the system is fucked hey.
A̶l̶m̶o̶s̶t̶ ̶l̶i̶k̶e̶ the system is fucked hey.
Let’s be accurate! :)
Real wages have not been dropping for decades.
Decades looks to be an exaggeration. About a decade and a half.