Tuesday 24 March 2009

Inflation. A modest decline {2}

"So, after all that, we're not in deflation. To general shock and amazement throughout the City, the Retail Price Index did not creep into negative territory last month, dropping instead from 0.1pc to zero" says the Telegraph this morning, one of many reporting the surprise. Consumer Prince Index inflation, the measure targeted by the Bank of England, actually rose from 3pc to 3.2pc, meaning the Governor Mervyn King has had to write another letter of explanation to the Chancellor.
Its a good piece. Read it here.

Well UK bubble have the pick of the quotes so link to there.
Because our business readers, manufacturing readers, retail readers and generally ordinary everyday people readers, who have been outside since Christmas told us so.
Inflation will come down further, but ignoring a 25-30% devaluation of currency on an importing nation was always going to lead to some funny maths.


Anonymous said...

I can't contain my surprise at their surprise. Are these people stupid? Do they not get out of their echo-chambers from time to time?

Electro-Kevin said...

Thank God we have bloggers to make sense of all of this for us !

Newmania said...

Good stuff I have got a bit out of the habit of popping in. I see I shall have to more

Have you seen Duncan`s Economy Blog. Worth reading , he is ..."one of them" though

Anonymous said...

Anyone who shops knows what's going on. Most retailers I've spoken to are on the point of restocking now at 20% plus increases, so inflation is going to rocket over the next three months. Don't forget Ford put their prices up today because all their supply deals are in Euros.

And we all know that CPI was deliberately rigged towards imported junk to make inflation appear lower than it really was; now were going to see the flip side of the coin.

I also believe lots of prudent people are bringing forward capital purchases, home improvements etc... as they can see little point in saving and have worked out what's coming. Is that good for the economy or a drain on the banking system?

Deflation my arse!

Anonymous said...

Check out Daniel Hannan's brilliant response to Gordon Brown's speech to the European Parliament yesterday on http://www.youtube.com/watch?v=94lW6Y4tBXs

I doubt it will ever be aired by the BBC.

Anonymous said...

and Dale has Farage's equally good blast too.

Pass the word asap.

Bill Quango MP said...

SW: Odd isn't it. Almost all the papers / news channels expressed some astonishment, while almost all the bloggers reported.. well its what was expected.
It might have something to do with not being fed press releases all the time.

EK + Newmania glad you dropped by.
Two of my favourite reads

Mick. Exactly!
With a client yesterday who says he has held prices down but ALL the September lines will be 25% dearer.
Nothing too unusual about that except their business is garden centres.
All the forks, aprons bags,toys, swings, bbq's etc coming from China/Usa I knew about, but hadn't even thought about all the plants that come from the EU.

Yes seen them.
A very refreshing change to hear such direct language.
PMQ's today won't be a patch on them.

Laban said...

It's worth pointing out that the only major deflation component, housing costs, has come down because HMG/BoE have slashed rates.

So what deflation there is has been wholly caused by them - and they've then used the spectre to start the presses up.

Bill Quango MP said...

Laban. You win comment of the thread.
that point needs to be made more.

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