Inflation: Price rises see record jump as food costs soar in August

Controversial: Politics & Govt Politics & Govt: In The News
, , ,
1

The Consumer Prices Index measure of inflation rose from 2% in July, the Office for National Statistics (ONS) said, driven by higher food costs. It now exceeds the Bank of England’s 2% target, aimed at keeping prices steady.

Eating and drinking out cost more last month in comparison with August last year, when the Eat Out to Help Out Scheme was running and diners got a state-backed 50% discount on meals up to £10 each on Mondays, Tuesdays and Wednesdays. At the same time, business owners in the hospitality and tourism sectors received a VAT discount, designed to help some of the industries worst hit by the pandemic.

In August this year, transport costs also increased. Average petrol prices stood at 134.6 pence a litre, compared with 113.1 pence a litre a year earlier, when travel was reduced under lockdown restrictions.

Given that Wednesday’s latest figures breach the Bank of England’s 2% target for inflation, it must now write to Chancellor Rishi Sunak to explain what it will do to ensure that price prices are steady in future.

Most of the commentators in the article think that inflation will get worse before it gets better … :frowning_face:

2

I read the version that I will include below but it strikes me as a little strange that nobody has compared our inflation figure to the USA’s 5.3% or even to the EU’s expected 3%.

““Much of this (increase) is likely to be temporary as last year restaurant and café prices fell substantially due to the ‘Eat Out to Help Out’ scheme, while this year prices rose,” said ONS statistician Jonathan Athow.”
Yes, that sounds eminently sensible compared to the usual BBC’s usual doom and gloom prophesying.

3

Little wonder why buffoon Johnson and his crowd of ne’er-do-wells have scrapped the pension triple lock. So yet again the poor pensioner relying solely on the state pension dips out again.

1 Like