Inflation

[Workingman]

The latest CPI figure for October is said to be at 3.4% and a wonk from the BoE claims that it will be over 5% by the new year.

The CPI is a notional national average based on over 720 goods and services in 12 categories, and the BoE's is based on modelling trends at today's rates.

I think they are both wrong.

The problem is that each individual or household has their own inflation rate. In the last 12 months I have only used items from seven categories. My main purchases are food, gas and electricity, petrol and cleaning products (household and personal) and a very few items of clothing.

I use a thing called Microsoft Money. From it I can extract reports based on date range, payee and category. Depending on my parameters it is telling me that my inflation is between 8% - 11%, the biggest being food. The average is 9.3%.

My bet is that many of us have inflation rates way above the official ones.

[cromwell]

Probably.
Being cynical, a lot of pensions are index linked to inflation. The lower the official level of inflation, the less the pension goes up which saves the government and pension providers money.
The triple lock didn't last long either.

[cruiser2]

Like WM I only buy food , cleaning materials gas, elec and water. And council tax.
Have not bought any clothes or footwear and ony been on one short cruise in July.
I don't know what my rate of inflation is but I try to shop sensibly. I do not buy package meals. I don't like them and they are expensive.
Bought a large packet of mixed veg for £1.00 and some chopped stewing steak. for under £3.00. Enough for three meals with potatoes.

Am managing to servive without putting the CH on, wearing a lovely thick wollen jumper

[TheOstrich]

Being cynical, a lot of pensions are index linked to inflation. The lower the official level of inflation, the less the pension goes up which saves the government and pension providers money.

Yes, the fact that the inflation rate dipped in October - the month used as a yardstick when the state pension increases are set - hasn't been forgotten .....

Have not bought any clothes or footwear .....

Cruiser, I'm still wearing out my old work shirts - been retired 8 years now!

[medsec222]

I was sorting out my wardrobe a few days ago and to be honest I have got loads to good quality stuff. I decided then I would not be buying anything else other than essentials. I fully intend to get some wear out of what I have already.

[Workingman]

Yes, the fact that the inflation rate dipped in October - the month used as a yardstick when the state pension increases are set - hasn't been forgotten .....

September's figure is used... and that's lower at 3.1%.

My fixed income pensions will only rise by that as the triple lock was kicked out by Rishi, despite manifesto promises. I will not forget.

Salaries. (the third element of the TL) in that period we up about 6 - 8%, and even that is not enough to cover the 'real' inflation for many of us.

There are millions of us with no way of increasing our incomes, we will be poorer. Suck on that, Rishi, BoJo.

[Suff]

And they just put the NLW up by over 6%...