Inflation and interest rates — Scope | Disability forum
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Inflation and interest rates

woodbine
woodbine Community member Posts: 11,287 Disability Gamechanger
The headline rate of inflation fell again in December to 10.5% however this tells far from the full story as food inflation was 16.8%, with bread as an example increasing 50% year on year.

The bank of England MPC will meet again on 3rd Feb. and interest rates are expected to rise from 3.5% to 4%, not the news we want to hear as we start a new year.

Do you have any examples to share about food inflation ? and how are increasing interest rates affecting you ?
2024 The year of the general election...the time for change is coming 💡

Comments

  • 66Mustang
    66Mustang Community member Posts: 13,038 Disability Gamechanger
    Interesting topic @woodbine.

    I have noticed that with bread. In our regular supermarket it has gone from 50p for an "own brand" loaf to 80p (60%) The "branded" bread like Hovis or Warburton's seems to have gone up less, from £1.15 to £1.40 (22%). So the bottom of the market is being hit harder.

    I was listening to a piece about "personal inflation rates" or something similar where people can calculate their own inflation rate, which is (arguably) the one that matters to them as an individual. This is because the "basket of goods" they use which is supposed to represent everyone's spending doesn't apply to any one individual, really.

    Of interest is that many of the categories with an inflation rate lower than average (i.e. housing, transport, alcohol/tobacco) are purchased by people with more money. So someone on benefits due to health perhaps does not pay housing/transport etc. So their inflation rate is mostly made up of household fuels and food, so would be much higher than the average of 10.5%. I guess another example of the bottom being hit hardest?
  • Tori_Scope
    Tori_Scope Scope Campaigns Posts: 12,487 Disability Gamechanger
    edited January 2023
    I don't have a specific food product in mind, but I've noticed that many of the sale prices for things are more expensive than I remember the full prices being just a couple of years ago :( 

    I used to get a multipack bag of own brand crisps for around 90p, and they're now £1.19. The own brand 2 litre soft drinks I buy used to be around 50p or 60p as I recall, and they're now 99p. I realise neither of those are necessarily essential items, but I buy them quite often :D 
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  • leeCal
    leeCal Community member Posts: 7,550 Disability Gamechanger
    It seems to me that a lot of these small rises are actually far higher a percentage than the current rate of inflation. Methinks some opportunism is going on 🤔

    “This is my simple religion. No need for temples. No need for complicated philosophy. Your own mind, your own heart is the temple. Your philosophy is simple kindness.” 
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  • Margare93222061
    Margare93222061 Community member Posts: 425 Pioneering
     I think most people are watching the their pennies the cleaning stuff in home bargains is cheaper  than the supermarket.  We are all being rip off
  • woodbine
    woodbine Community member Posts: 11,287 Disability Gamechanger
    @Margare93222061 we shop at home bargains whenever we can they are so much better value than the supermarkets
    2024 The year of the general election...the time for change is coming 💡

  • Margare93222061
    Margare93222061 Community member Posts: 425 Pioneering
    Hi. Woodbine,
    Prices have go up in Home Bargains but not as much as the  Supermarket, and energy prices are sky high. Take care Margaret 

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