It is not inflation. It is price gouging.
The price of anything is what the market is willing to pay for it. If you are going to buy a carton of milk at $5, why would I sell it for $4?
UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
251–260 of 1001 posts
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#252Earlier quoted context omitted.
Aren't you just confirming what they said?
Not really, people could eat cheaper food. Not to mention that most people eat too many calories.
Expecting everyone to just give up meat and bread for rice and beans is nonsense. And eating too many calories is unhealthy, but who are you to decide. You're blaming the victim.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#253Meanwhile in Sweden the CEO of ICA, the largest supermarket chain in the country (53% of the market) said yesterday: "It is actually the consumer who controls what they are prepared to pay for a product. In the end, it is they who decide." https://omni.se/icas-vd-det-ar-kunderna-som-avgor-matpriset/...
In an ironic way, the consumers decided to leave the EU and expose the UK to higher inflation. Though much of the world has been seeing severe inflation at this time, it would have probably been better if the UK had access to a broader food market.
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Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#254Would it not make sense to have a crypto solution to the inflation problem? Can't governments initiate a crypto currency which can be only used for a basket of goods and the providers of these goods can then exchange this currency for input goods or fiat money after verifying. This crypto coin can be distributed to everyone every month/week and with a expiry date. What I understand is that inflation in high price goo…
You just invented food stamps. This another great example of why there are no compelling crypto use cases besides criming.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#255Earlier quoted context omitted.
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You should strongly reconsider how you choose to interact with people on the Internet. You'll be happier for it.
Naw. Stupid people are only happy until they face the consequences of their stupidity. I'll take being right and derive my happiness elsewhere because internet validation is a chump's game.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#256As a person living in the UK, I have definitely noticed a considerable rise in unit prices. One of many examples is that a loaf of my favourite bread increased from £3 to £4 recently, which was a shocker. Toilet roll prices, as ever what the news loves to talk about, has exploded, increasing by around 70% since 2020 by my anecdotal observation. A sad thought I have about inflation is the fact that it is, wittingly or…
I don't think it's that simple - inflation is also especially beneficial to debtors which is more of an upper middle class or professional/managerial phenomenon. The truly rich would likely have a cash buffer that gets eroded by inflation same as the typical person's wage.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#257Would it not make sense to have a crypto solution to the inflation problem? Can't governments initiate a crypto currency which can be only used for a basket of goods and the providers of these goods can then exchange this currency for input goods or fiat money after verifying. This crypto coin can be distributed to everyone every month/week and with a expiry date. What I understand is that inflation in high price goo…
> Would it not make sense to have a crypto solution to the inflation problem?
No.
> This crypto coin can be distributed to everyone every month/week and with a expiry date.
So, you are reinventing ration cards, but with a lot of extra complication?
It... doesn't solve, or even address, inflation. It does create a black/gray market, though, with the usual attendant crime around such markets.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#258Meanwhile in Sweden the CEO of ICA, the largest supermarket chain in the country (53% of the market) said yesterday: "It is actually the consumer who controls what they are prepared to pay for a product. In the end, it is they who decide." https://omni.se/icas-vd-det-ar-kunderna-som-avgor-matpriset/...
In an ironic way, the consumers decided to leave the EU and expose the UK to higher inflation. Though much of the world has been seeing severe inflation at this time, it would have probably been better if the UK had access to a broader food market.
People got sold something very different from the deal that they actually got
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#259Demand for food is inelastic, so it makes sense that companies are raising prices as high as possible since people still have to eat. Generally this leads to price competition from other food brands, but when single companies own dozens/hundreds of food brands it’s easy to act like a cartel and keep prices high.
Also many people don't pay attention to how much food costs, at the point of purchase. It's all things that have low numbers that add up. e.g. when asked, nobody knows the price of a pint of milk.
I work in a supermarket and customers are definitely aware of the price of milk, butter etc down to the cent.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#260As someone who doesn't live in the UK, the impression I get from headlines is that the UK is becoming poorer by the day, the NHS has collapsed, crime is exploding, poverty is rising, most people can't afford anything anymore, the Royal Mail is hanging by a thread, and the economy is in free fall. What's the reality? In London and outside?
Anecdotally, my buddy (31M) in London says he's having the time of his life. Making a lot of money at BP, parties every weekend, just moved into a nice flat with a partner. I suspect, just like in America, that if you're inside the "formal economy" (corporate job with real benefits and potential for career growth) your life is pretty great. If you're outside that (service worker, gig economy, small business owner, NE…
That the same BP that is making record profits during the cost of living crisis? [0]
I suspect the "formal economy" is hurting in a number of places, just not the energy sector.
0: https://www.bigissue.com/news/social-justice/we-asked-expert...