Sweden is at 22% rise.
Thanks Economists!
UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
481–490 of 1001 posts
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#482I wonder if this will give rise to more gardening, and specifically indoor gardening, or a 4 climate greenhouse?
Society has really quickly lost touch with one’s food sources in a few generations.
One way to stick it back is to set a slow running cron job.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#483Earlier quoted context omitted.
> Demand for food is inelastic I doubt it. I've read that Americans throw away 40% of their food. Obesity rates suggest people eat far more than they need to. And there are major choices in what to eat - cheap vs expensive calories.
> Obesity rates suggest people eat far more than they need to. Obesity rates are also higher among poorer segments of society than wealthy, so it isn't necessarily a given that obese people will choose to eat less just because doing so will make them poorer due to higher prices.
They could eat less, though, and would be healthier for it.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#484Earlier quoted context omitted.
> Demand for food is inelastic I doubt it. I've read that Americans throw away 40% of their food. Obesity rates suggest people eat far more than they need to. And there are major choices in what to eat - cheap vs expensive calories.
Regrettably, calories are not the only concern. Modelling the cost of a good diet is hard.
Potatoes, beans, rice, etc., are cheap and healthy.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#485Earlier quoted context omitted.
> Asset prices are highly inversely correlated to interest rates I present you the US housing market.
I don't quite understand. Are you commenting on the much discussed U.S. Housing Prices Fall for First Time in a Decade" stories? https://time.com/6217372/us-housing-prices-fall/
Down 0.44% after 100% increase over the last two years
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#486Earlier quoted context omitted.
Because the British media feeds this narrative by making it look like the rich always win. The only changes in their wealth that the media draws attention to are increases, and if there's a drop that just gives a new baseline for the next round of headlines about increases. High inflation and increased interest rates got assets down across the board? Well, that means that the better off are getting lots of "unearned…
Because they do always win (in aggregate, in relation to other income brackets). With changing economic situations, those with more resources have more options, and are therefore on average able to adapt more effectively. Sure there will be winners and losers in every tax bracket but a quick look at a graph of income inequality over time should disabuse you of the notion that the rich are somehow at a disadvantage in…
The parent's point is that these events are not making the rich any richer than they would be.
Anyone with debt is better off with higher inflation as the amount required to pay back is worth less. Anyone who gave money away for interest takes a haircut. The richer entities usually loan money so this is better for the poor with debt. If wages don't raise than this changes
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#487The UK politics seems like a separate level of dysfunction. It seems like all the worst decisions being made together. For some reason people voted for Brexit. The PM who was the chief Brexit Campaigner (Boris Johnson) had to resign because of entirely avoidable mistakes. The next PM had to resign too soon due to trying to bring policies which were not well thought out. The current PM had to be annointed since it did…
You’re spot on calling uk politics a separate level of dysfunctional. It feels like we’re stuck with a shower of gobshites for a while! Exporting immigrants to Africa is a particularly shambolic/shameful recent effort. And don’t mention ‘the Brexit’ - I’m not saying it’s the only reason but it’s certainly a huge pain point on many fronts. I think UK politics is at a rock bottom at present but hopefully it’ll spur eno…
Exporting illegal immigrants who had no business being in the UK in the first place.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#488Earlier quoted context omitted.
you've never actually set foot in a supermarket, have you??
This was a reference to some politician (I don't recall which) not knowing the price of a single banana.
No. This is a reference to the show "Arrested Development"
Link to the scene: https://youtu.be/Nl_Qyk9DSUw
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#489As 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…
Assets are deflating at the moment though. S&P500 is down, property prices are down, etc. Asset prices are highly inversely correlated to interest rates, so for a 'rich' person you are actually much better off without inflation, as interest rates are lower and asset prices rise faster.
> Asset prices are highly inversely correlated to interest rates
this is true in the short term because a lot of assets are held with borrowed money. when interest rates go up those assets get sold to cancel the debt and bring down the market value.
however, either if inflation is sustained or interest rates go down, asset values will inevitably bounce back, but money will NEVER recover its value.
Re: UK: Food inflation rises to 18.2% as it hits highest rate in over 45 years
#490Earlier quoted context omitted.
> the UK seems to be dealing with it the worst How do you figure? From the numbers posted by others in these comments it seems UK inflation is pretty much mid-table compared with the rest of Europe: https://i.redd.it/8hbhiqhowjpa1.png
It's not only the inflation, it's also things like food shortages on shelves, a shrinking economy, decreased labour force etc. I'm figuring this from the reporting of the BBC, Guardian etc https://www.bbc.com/news/business-63596773 https://www.theguardian.com/business/2022/jul/02/dashboard-o...
Fair enough, I was only thinking about inflation resulting from the war. You are right about the other things, and Brexit is undoubtedly a factor there.