This will have an impact on everybody from pensioners to workers, and those running businesses too.
With prices going up by 3%, and earnings going up by just 2.1%, the average worker will inevitably be worse off than a year ago"Here also is Patrick Collinson in the Guardian."Official figures today reveal that the consumer price index has risen to 3%, the highest in five years. The retail price index – the one used in the 1970s – is even higher, at 3.6%."He would have been even more het up had he realised the RPI was growing at an annual rate of 3.9%. However you may note that the RPI which the ONS has tried hard to discredit is still in use in one of the few newspapers that tries to still be of broadsheet type quality. Also that in neither case does the new "lead" indicator for consumer inflation CPIH get a mention.Has the ONS ever published such an important indicator to such silence before?RegardsShaun Richards
And today I reaffirm the remit for the independent Monetary Policy Committee, and its 2% CPI inflation target."The list of people and institutions ignoring CPIH and treating it as if it does not exist just gets longer and longer.RegardsShaun Richards