Cost of Living Crisis

[BFTD]

3 minutes ago, Billy Jean King said:

Labour will get this all back on track

They have to keep schtum about their wildly different plans because people won't vote for them, donchano!

I don't think anybody comes out well from that theory TBH.

[Suspect Device]

 

 

Rishi trumpeting this as a great achievement despite it being the easiest of his targets to meet, having very little to do with anyting his government have  done  and still being almost 2 1/2 times the official BoE target of 2%.

 

Yay Rishi. What a guy. 

[Boo Khaki]

Notice zero mention of the actual Inflation figures.

[Alan Twelve]

1 minute ago, Boo Khaki said:

Notice zero mention of the actual Inflation figures.

I'm no economist, so take the following with a pinch of salt, but my understanding is that If the 12-month CPI rate is 4.6%, then the CPI 1-month rate is negative for only the second time since January, and the actual CPI Index is at its third highest rate ever, equal with August and May of this year, only having ever been higher last month and in June this year.

Put another way: November was the third most expensive month for UK consumers in history. This is what the govt. are celebrating.

[Joey Jo Jo Junior Shabadoo]

The inflation patrol must be working like a charm.

[coprolite]

51 minutes ago, Suspect Device said:

 

 

Rishi trumpeting this as a great achievement despite it being the easiest of his targets to meet, having very little to do with anyting his government have  done  and still being almost 2 1/2 times the official BoE target of 2%.

 

Yay Rishi. What a guy. 

I wonder if the chancellor has figured out what effect this will have on prices yet. 

Seems churlish to not give Rishi the credit for the fall in global gas prices. 

[Boo Khaki]

38 minutes ago, Alan Twelve said:

I'm no economist, so take the following with a pinch of salt, but my understanding is that If the 12-month CPI rate is 4.6%, then the CPI 1-month rate is negative for only the second time since January, and the actual CPI Index is at its third highest rate ever, equal with August and May of this year, only having ever been higher last month and in June this year.

Put another way: November was the third most expensive month for UK consumers in history. This is what the govt. are celebrating.

I'll take your word for it. I was just working on the much more mundane principle that inflation = rising prices, so while you still have inflation you still have rising prices, and to keep in mind that those rises are on top of already inflated prices.

To exaggerate for effect, it seems a bit like crowing about having only killed half as many people as you did the last time. I don't see how telling people the cost of living is still increasing exponentially is in any way anything to congratulate yourself for, especially when he's shown no inclination whatsoever to deal with rampant profiteering passed off as part and parcel of the C.O.L crisis.

 

Edited November 15, 2023 by Boo Khaki

[Alan Twelve]

32 minutes ago, Boo Khaki said:

I'll take your word for it. I was just working on the much more mundane principle that inflation = rising prices, so while you still have inflation you still have rising prices, and to keep in mind that those rises are on top of already inflated prices.

To exaggerate for effect, it seems a bit like crowing about having only killed half as many people as you did the last time. I don't see how telling people the cost of living is still increasing exponentially is in any way anything to congratulate yourself for, especially when he's shown no inclination whatsoever to deal with rampant profiteering passed off as part and parcel of the C.O.L crisis.

 

The ONS figures are here, although they're not updated with the latest figures yet:

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/september2023

It is actually genuinely positive news - yes, prices have still gone up based on a year ago, but they're lower than a month ago and that's good. But the government have done literally nothing to bring this about; global inflation rates would have to slow eventually and they've just kept their fingers crossed that it would happen before the end of the year - it's incredibly cynical on Sunak's part to try to take any sort of credit for this.

[Inanimate Carbon Rod]

My car insurance (multi car with the wifes) has doubled since last year. All because Liz Truss is a p***k.

[Leith Green]

3 hours ago, Inanimate Carbon Rod said:

My car insurance (multi car with the wifes) has doubled since last year. All because Liz Truss is a p***k.

I still cant work out why car insurance has sky rocketed - I mean, I can understand food, fuel etc - but car insurance?

Bizarre imho

[lichtgilphead]

7 minutes ago, Leith Green said:

I still cant work out why car insurance has sky rocketed - I mean, I can understand food, fuel etc - but car insurance?

Bizarre imho

I had a claim last year after being shunted from behind (ooh-err!). 

The repair took months (my insurers blamed customs delays due to brexit) Accordingly, providing me with a hire car cost far more than it would have been previously.

Just another brexit bonus!

[Todd_is_God]

So inflation did indeed fall off a cliff, as was utterly predictable.

There's absoutely no need for interest rates to be anywhere near as high as they are.

Edited November 15, 2023 by Todd_is_God

[Mark Connolly]

9 hours ago, Joey Jo Jo Junior Shabadoo said:

The inflation patrol must be working like a charm.

Rishi, I'd like to buy your rock...

[TxRover]

2 hours ago, lichtgilphead said:

I had a claim last year after being shunted from behind (ooh-err!). 

The repair took months (my insurers blamed customs delays due to brexit) Accordingly, providing me with a hire car cost far more than it would have been previously.

Just another brexit bonus!

That's a decent portion of the increase, the cost of hire cars. Add in the increased value of autos, so the expected value they've have had to pay if you totaled your vehicle has increased...supply chain issues...energy costs...the 1/1/22 implementation of the ban on the "loyalty premium" (cheap first quotes with automatic increases built in on renewal) and stuff like that.

[Boo Khaki]

22 hours ago, Leith Green said:

I still cant work out why car insurance has sky rocketed - I mean, I can understand food, fuel etc - but car insurance?

Bizarre imho

The price of second-hand cars, and presumably spares, has rocketed since Brexit, but since we've been out of the EU nearly 4 years and we're talking about the last 12 months, I'll suggest its the good old twin-terrors of greed, and companies protecting profit margins.

I was actually quite shocked at the difference in the car market. Mrs Khaki had what was a relatively minor, slow speed bump 18 months ago, but because it involved one corner of the vehicle she blootered a wheel, broken axle etc. 4 year old car with next to no mileage on it, garage estimated £1500 for the repairs. Insurance company said it wasn't economically viable to repair it, wrote it off, and sent her their valuation of the car which was many, many times the repair estimation. Seems like a false economy, but if they are using different suppliers for parts and so on, then you just have to take their word for it that it wasn't viable.

[strichener]

1 hour ago, Boo Khaki said:

The price of second-hand cars, and presumably spares, has rocketed since Brexit, but since we've been out of the EU nearly 4 years and we're talking about the last 12 months, I'll suggest its the good old twin-terrors of greed, and companies protecting profit margins.

I was actually quite shocked at the difference in the car market. Mrs Khaki had what was a relatively minor, slow speed bump 18 months ago, but because it involved one corner of the vehicle she blootered a wheel, broken axle etc. 4 year old car with next to no mileage on it, garage estimated £1500 for the repairs. Insurance company said it wasn't economically viable to repair it, wrote it off, and sent her their valuation of the car which was many, many times the repair estimation. Seems like a false economy, but if they are using different suppliers for parts and so on, then you just have to take their word for it that it wasn't viable.

The car insurance market as a whole hasn't made a profit for the last couple of years, hence the premium rise.

When it comes to cars, the design has now reached a stage where it can take many hours if labour and require bumper removal etc. just to change a headlight bulb.  This is also a contributing factor to the tendency to write cars off nowadays.

[Artie]

On 15/11/2023 at 08:49, Suspect Device said:

 

 

Rishi trumpeting this as a great achievement despite it being the easiest of his targets to meet, having very little to do with anyting his government have  done  and still being almost 2 1/2 times the official BoE target of 2%.

 

Yay Rishi. What a guy. 

Just wait until all those people who have or own property realise how much of this is bullshit, no.... all of this is bullshit, if they haven't already. How will the banks react to this incredible number juggling, especially concerning climbing mortgage rates and the housing market, which isn't being pulled out of the mud. No £400 off household energy bills either this winter for lower incomes, so everyone is still paying more now and this will continue. The Government are on a completely different planet from reality.

But I suppose if they and their pals in banking have had their bonus caps removed, then it will be no f***s given even if they lose the next election, they can always default blame Labour for making a mess of the economy.

 

[Artie]

Also worth mentioning while the price of gas and electricity is going down the Standing Charge has doubled and will continue to climb as energy companies see this as a way of continuing to keep profits at maximum and their wealthy share holders happy and keep high fiving Tory politicians. Electricity SC charges are mental just now. Absolutely not buying into this bullcrap of blaming failed energy companies and the cost of fixing power lines as if this is a new thing. Ofgem set a new lower ceiling recently and the energy companies will continue to exploit houseowners regardless and charge what ever they want inside the cap limits. It's blatant profiteering but perfectly ok within the limits set by Ofgem. I would not be surprised if those people that make up Ofgem have a conflict of interest and a blind eye is turned. 

 

[orfc]

On 16/11/2023 at 18:00, strichener said:

The car insurance market as a whole hasn't made a profit for the last couple of years, hence the premium rise.

When it comes to cars, the design has now reached a stage where it can take many hours if labour and require bumper removal etc. just to change a headlight bulb.  This is also a contributing factor to the tendency to write cars off nowadays.

I've known a few people get write-offs lately, and the latest insurance trick seems to be to give you their value of what the car is worth, which isn't enough to get a like for like replacement. If it was just one tale I'd go "ahh unlucky" but it's a pattern now. If you don't like it you can f**k off to the ombudsman and wait years 

[strichener]

4 hours ago, orfc said:

I've known a few people get write-offs lately, and the latest insurance trick seems to be to give you their value of what the car is worth, which isn't enough to get a like for like replacement. If it was just one tale I'd go "ahh unlucky" but it's a pattern now. If you don't like it you can f**k off to the ombudsman and wait years 

This isn't a recent phenomenon. Insurance companies have been doing this for as long as I can remember.