Went to renew my monthly season ticket today and asked what the price changes will be from Jan 1st. Up from £109 to £122; only an 11% rise then.
Luckily inflation is falling so rapidly that the Bank of England can reduce rates down to 0% in the next couple of months.
As this small anecdote shows, there is clearly no rise in prices at all at the moment in any sector, hence the ability to reduce rates to 0%.
I wonder what my company will say if I ask for a salary increase to match these increases....
Go for an annual travel/oyster card quick, before prices go up. If the worst comes to the worst and you don't need it any more, you can get a refund for the unused bit.
ReplyDeleteAren't most of these fares regulated? If so shouldn't the increases be based on inflation which according even to RPI is "only" about 4%.
ReplyDeleteI think we are going to see a huge upturn in inflation once the retail sales stock is gone. Freshly imported stuff will have to deal with the 30% reduction in the pound.
Gulp.
Didn't the old chancellor insist the train companies raise fares by twice inflation every year to reduce the private rail companies subsidy by 2020 or something?
ReplyDeleteI had a new bathroom and the holes in my roof repaired last month on the grounds that my savings would be inadequate to pay for such maintenance in the future, and I would only end up spending the money on food and bills otherwise. This way I stay warm and clean even if I get very thin, and the house will be in a fit state to let to a family of immigrants when I have to move into the car to survive.
ReplyDeleteMW - sadly can't afford to finance that outlay currently. The saving is also fairly small, less than 8% annual. I would pay more than that in overdraft fees.
ReplyDeleteBE - infaltion is going to be the one to watch in 2009. So many factors at play.
BQ - He did, the idea is we can't have more capacity so make it more expensive and less people will use rail. go figure.
I reckon we get inflation in wage-bought-goods TOGETHER with Debt deflation.
ReplyDeleteDouble fucked. "Assets" shrink, fixed costs increase.
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ReplyDeleteThat sounds a wise move Ms Lilith - repair while you can afford it. I've noticed more ads from builders, plumbers and plasterers recently - presumably the lack of new construction is making them look elsewhere.
ReplyDeleteOh, and I think you mean negligible, Mr Simpleton, not negligent.
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ReplyDeletepost correct, tks to anon
ReplyDeleteI haven't got time to do the research but IIRC during the 70's and 80's every time something started to get very expensive it was dropped out of the basket of goods that was used to calculate inflation.
Are you sure rail tickets are in the current basket? Even if they are I'll bit they are a very small part of it and this raise will be negligible.
BQ - ah yes the classic British response: successful? must make it more expensive!
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteYes. Ahem.
ReplyDeleteCertain companies ARE about to lose Government subsidies.
But generally there has been inflation. 23k would have been a cracking wage when Nu Lab came to power. Now it is the average and I defy anyone to raise a family on it unsupported by handouts.
Trasnport costs are in the curretn basket. But as you say the basket is somewhat skewed. I hope as a result of the credit crisis a new enlightened appraoch to the truth is taken with statistics.
ReplyDeleteEK - I quite agree, it is a paltry some, especially for living in the South. Do you think deflation might help them?!
Slightly off topic but in this post Christmas Credit Crunch how come the queues in and out of the city centre car parks have been humungus while the tailbacks into retail parks for Argos, Carphone Warehouse and Currys have been even longer ?
ReplyDeleteAre people using up what little credit they have left or emptying their bank accounts before the £ becomes worthless ?
An alternative is that the 'credit crunch', or consequences thereof, is no big deal provided that
a) you don't lose your job
b) you don't depend upon investment income
c) you remain in stable receipt of state benefits.
to IEBOC - people are more canny than they are given credit for. The prices seen in the sales are as low as we will see for a long, long time. When the stock is gone, retailers won't be re-stocking. The currency crisis means prices of imports will rise sharply too.
ReplyDeleteI think people see this as a last chance for a bargain before the tightening starts.
Your points are valid though. In a recession, 5% of the people lose 50% of their wealth; not 95% of people losing 5%.
Where are these low low sales prices everyone keeps talking about? I've been looking to buy expensive items now (a PVR and a DS), but have been unable to find much more than 10%.
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