OverInflated

February CPI Inflation hits 2.5%

ozzmosiz — Tue, 18 Mar 2008 12:05:07 +0000

http://www.bankofengland.co.uk/index.htm

Jan CPI 2.2% (up from 2.1%), RPI 4.1% (up from 4.0%)

ozzmosiz — Tue, 12 Feb 2008 10:29:34 +0000

http://www.statistics.gov.uk/pdfdir/cpi0208.pdf

I guess food, petrol, gas, electric, water don’t count towards CPI, as they’ve all risen massively recently.

MPC drop rates in February to 5.25% (from 5.5%)

ozzmosiz — Tue, 12 Feb 2008 10:27:21 +0000

See title

Eurozone inflation at new record in January

admin — Thu, 31 Jan 2008 18:00:17 +0000

Source: News.bbc.co.uk

Official data has shown that Eurozone inflation has surged to a new record at 3.2%. This is much higher than the ECB 2% target. Normally inflation is controlled by increasing interest rates, but with the economy already slowing and the potential of the US heading into a recessions, the ECB will have tough decisions to make.

EDF Energy hike Electric & Gas (7.9% & 12.9%)

ozzmosiz — Tue, 15 Jan 2008 19:53:39 +0000

Source: Yahoo.com

Utilities firm EDF has become the latest in line to put up its electricity and gas prices.

The French-owned firm says prices are to go up from Friday (18th January) - electricity tariffs up by 7.9% and gas by 12.9%.

EDF has 5.5m account holders in the UK.

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Fastest rise for 17 years in factory gate prices

ozzmosiz — Tue, 15 Jan 2008 10:36:30 +0000

Source: Telegraph

By Edmund Conway, Economics Editor
Last Updated: 6:48am GMT 15/01/2008

Prices charged by manufacturers are rising at the fastest rate in almost 17 years - in the latest sign that inflation remains a major threat to the British economy.

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Food costs rise at record rate

ozzmosiz — Tue, 15 Jan 2008 07:11:12 +0000

Source: Telegraph

Food cost increase adds £750 to annual bill
By James Kirkup, Political Correspondent
Last Updated: 1:41am GMT 15/01/2008

Food prices are accelerating at their fastest rate since records began, fuelling a rise in the average family’s shopping bill of £750 a year.

Official figures showed wholesale food prices rose by 7.4 per cent in the past 12 months - more than three times the headline rate of inflation……

(Similar take to Harry Wallop’s story a few months back)
Good to see they mention orange juice - as I’ve been going on about it and the lemons in my threads!
“A 500g bag of parsnips cost £1.76 at Asda at the end of last year compared to 98p a year earlier, while Tesco has increased the price of 2.5kilos of Maris Piper potatoes from £1.78 to £2.18.
A dozen free-range eggs from Sainsbury’s rose from £1.62 to £2.35, and Asda increased the price of its orange juice from 73p a litre to 88p.”

MPC leave interest rates at 5.5% - Jan 2008

ozzmosiz — Sun, 13 Jan 2008 18:48:35 +0000

The Monetary Policy Committee voted to keep interest rates at 5.5% in January.

Many economists had been predicting a .25 basis points cut, due to an alleged high street slowdown, though many high street stores have had a difficult few months, others such as John Lewis and Morrison had large growth for the quarter (almost double digits) and Internet shopping had increased 60% on the year.

Also inflation is picking up, with 17% gas/electricity rises from NPower and Petrol has risen to 102.9p per litre. The pound has also weakened against the dollar and the euro, which is good for exporters in Britain, but imports become more expensive which fuels inflation.

Gas & Electricity Prices To Rise

ozzmosiz — Thu, 03 Jan 2008 16:59:47 +0000

Npower is to increase both its gas and electricity prices, the UK’s fourth largest energy supplier has confirmed.

The company, which has four million customers, said it would provide exact details on Friday.

Its move comes on the back of high global energy prices, with crude oil hitting a record $100 a barrel in New York earlier this week.

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UK November Inflation Drifts Higher - CPI 2.1%, RPI 4.3%

ozzmosiz — Wed, 19 Dec 2007 18:46:26 +0000

The governments measure of inflation rose in November

Source: Marketoracle

House prices drop 3.2% in November (6.8% in London)

ozzmosiz — Mon, 17 Dec 2007 19:03:21 +0000

Source: Telegraph

Editors Note: Most News Channels have decided to ignore this huge news.

House sellers are cutting prices at the fastest rate for five years in a further sign that the property market is set for a serious slowdown.

Asking prices have fallen by 3.2 per cent since November, according to data from Rightmove, a website that gathers information on nine out of 10 houses on the market.

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Eurozone inflation hits 6-year high

Adrian — Fri, 14 Dec 2007 19:53:09 +0000

Eurozone inflation hit 3.1 per cent in November, the highest for more than six years, according to revised figures that will encourage the European Central Bank to keep talking tough on future interest rate moves.

Source: Financial Times Online

MPC drop interest rates .25 bp to 5.5%

ozzmosiz — Thu, 06 Dec 2007 12:17:43 +0000

MPC have caved into media pressure and cut rates to 5.5% despite the upside risks to inflation.

CPI 2.1%, RPI 4.2% - October 2007

ozzmosiz — Tue, 13 Nov 2007 18:27:56 +0000

Source: http://www.statistics.gov.uk/pdfdir/cpinr1107.pdf

Petrol drives up inflation
Figures from the Office for National Statistics today show that
consumer prices index (CPI) annual inflation – the Government’s
target measure – was 2.1 per cent in October, up from September’s
figure of 1.8 per cent.

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Fastest rise in food prices for 14 years!

ozzmosiz — Tue, 13 Nov 2007 18:25:01 +0000

Source:
http://www.telegraph.co.uk/
By Harry Wallop, Consumer Affairs Correspondent Last Updated: 1:46am GMT 13/11/2007

Food prices are increasing at their highest rate for more than a decade, official figures showed yesterday.
# Calculate your own rate of inflation
# Internet to ‘drive Christmas sales record’
# London ‘is second most expensive city’

Increased wheat, dairy, meat and vegetable prices mean food factories are having to pay six per cent more for their raw ingredients than a year ago - the highest annual rate since 1993, said the Office of National Statistics (ONS).

Supermarket customers shop for milk, fastest rise in food prices for 14 years
After a decade of low prices in supermarkets, vegetables, milk, bread and meat are all expected to show substantial rises

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Supermarkets raise food bill by £750 a year

ozzmosiz — Tue, 23 Oct 2007 19:15:04 +0000

Source:
Telegraph

By Harry Wallop, Consumers Affairs Correspondent
Last Updated: 2:41am BST 23/10/2007

The average family has to spend an extra £750 on their annual food bill, compared with a year ago, according to figures.
# M&S worst supermarket in green report

Supermarkets ‘raise family food bill by £750 a year’
Figures suggest that households are being hit hard by food inflation

In recent weeks, some of the most dramatic signs of food inflation have hit supermarket shelves.

According to price comparison website mySupermarket.com, the three biggest supermarkets – Tesco, Asda and Sainsbury’s – are charging their shoppers 12 per cent more on average for a basket of 25 different goods compared with last year.

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M4 Money Supply up 1.1% on the month - Sept 2007

ozzmosiz — Thu, 18 Oct 2007 18:29:45 +0000

Source: http://www.bankofengland.co.uk/statistics/m4/2007/Sep/index.htm

Editor Note: folks - this IS the cause of inflation!!!

Provisional figures for September indicate that M4 rose by £17.0 billion, seasonally adjusted; below the average flow for the previous six months of £17.6 billion. The twelve-month growth rate fell to 12.8% from 13.5% in August.

M4 lending rose by £23.0 billion or 1.1%, seasonally adjusted, in September. The twelve-month growth rose to 13.1% from 12.3% in August.

M4 lending (excluding the effects of securitisations etc.) increased by £28.6 billion or 1.3%, seasonally adjusted, in September. The twelve-month growth rate rose to 15.0% from 14.4% in August.

Inflation Stats: CPI 1.8%, RPI 3.9% (updated Oct 07)

ozzmosiz — Tue, 16 Oct 2007 18:47:53 +0000

Consumer price indices
September 2007
In the year to September, the consumer
prices index (CPI) rose by 1.8 per cent,
unchanged from August.
In the year to September, the all items
retail prices index (RPI) rose by 3.9 per
cent, down from 4.1 per cent in August.
Over the same period, the all items RPI
excluding mortgage interest payments
index (RPIX) rose by 2.8 per cent, up
from 2.7 per cent in August.

Inflation Stats: CPI 1.8%, RPI 4.8% (updated Sept 07)

ozzmosiz — Tue, 18 Sep 2007 09:40:09 +0000

Source: Bloomberg

Overinflated Editors note:
1.8% when food is rising faster than I’ve ever experienced. Also petrol is still higher than it was last year (and likely to rise).
I also noticed “Reductions in mortgage exit fees” as a reason - why are Mortgage fees in the CPI but not mortgages?

These stats are beyong a joke and we are being lied to (in my opinion)

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Chancellor Proves Bank Of England Not Independent!!

ozzmosiz — Sat, 15 Sep 2007 10:49:48 +0000

(Why would the Bank Of England need Darling to “Authorise them” to bail out Northern Rock if the are independent?)

Source:
Daily Mail

BoE rescues bank hit by global credit squeeze

LONDON: The Bank of England on Friday provided emergency financial support to the first major British bank to be severely hit by the credit crunch sparked by the US home loan crisis.

Northern Rock, Britain’s fifth biggest mortgage lender, warned that its profits would be up to 147 million pounds (214 million euros, $297 million) lower than expected, sending its share price plunging by a quarter in early London trading.

Britain’s finance minister Alistair Darling, who authorised the Bank of England to help Northern Rock, said the mortgage lender’s problems might have been avoided had US banks not been so willing to offer cash to borrowers with poor credit histories.

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