The Official DOOM: Breakfast

[GigiBronz]

I think the real figure should reflect a family with both parents working and earning the median income, living in the median sized house, living in the median priced location. Then it would be easy to see if the cost of living is rising for Mr + Mrs average.

There are some "protected classes". Parents with children I would expect would have access to some benefits.

When I first came to uk, about 6y ago. Weekly shopping was around £50. Now is about £80, at least. Single person.
Was renting a 2 bed flat with a friend in dinky Basildon for £850 (and I remember being annoyed for it being expensive). Now it is £1100. CT tax, utilities, you name it. All up.

It's messed up. I pity the people that are ready to retire now, their pots will be worth significantly less 5y from now.

[minestrone]

“The price of breakfast: soaring costs bolster fears of global food inflation

The prices of raw materials that go into morning staples have surged since the start of the pandemic

The cost of raw materials that go into making breakfast staples have roared higher since the pandemic began — raising fears that a broad commodity boom could push up global food prices for consumers. Prices for bulk contracts of coffee, milk, sugar, wheat, oats and orange juice have jumped 28 per cent on average from 2019 levels, according to trading on US futures markets, where companies lock in supplies or hedge their exposure to commodities costs. For meat-eaters, adding pork to that list pushes the average price rise to 32 per cent.”

https://www.ft.com/content/007bd0a0-...c-ec5b0ef4374d

DOOMed, Officially!

US money supply is like 40% higher than it was last year. Prices will increase to match, inflation will be like 20% soon with Bidenomics.

[_V_]

There are a few cost of living indices usually used for ex-pat purposes and produced by the likes of Mercer, a global HR and rewards consultancy. I think the Economist does one too. The basket of goods and services though is more aligned with an ex-pat lifestyle so perhaps not quite what you have in mind.

There's Numbeo which is partly crowdsourced and that covers cost of living at a country level plus about 600 cities. The basket is more like the one you've described.

Including housing costs, I think the real rate of inflation for most people is nearer to 5% rather than 1-2%.

I think the real figure should reflect a family with both parents working and earning the median income, living in the median sized house, living in the median priced location. Then it would be easy to see if the cost of living is rising for Mr + Mrs average.

[edison]

Does any company or institution publish an alternative inflation figure based on a real world basket of goods and services?

I mean the core of any consumer inflation figure should be rent / mortgage interest, groceries, transport and commuting costs, main utility bills inc internet and phone charges, council tax + TV license, clothing, luxuries such as holidays, car expenses, alcohol, eating out + takeaways.

That would cover the basic requirements of the average person, we don't need anything much beyond that to understand if core living costs are rising or falling?

There are a few cost of living indices usually used for ex-pat purposes and produced by the likes of Mercer, a global HR and rewards consultancy. I think the Economist does one too. The basket of goods and services though is more aligned with an ex-pat lifestyle so perhaps not quite what you have in mind.

There's Numbeo which is partly crowdsourced and that covers cost of living at a country level plus about 600 cities. The basket is more like the one you've described.

Including housing costs, I think the real rate of inflation for most people is nearer to 5% rather than 1-2%.

[_V_]

I'm not a huge fan of breakfast. I like all the foodstuffs present at breakfast, I just don't like eating in the morning.

Same for me, I fast from 8pm each evening to around 1pm the next day**

** Fasting excludes biscuits with my coffee of course.

[ladymuck]

I'm not a huge fan of breakfast. I like all the foodstuffs present at breakfast, I just don't like eating in the morning.

[_V_]

Inflation will come whether they'll want it or not.

Probably it won't be reflected in their calculation. The basket of goods I think is already irrelevant, they'll probably replace it with a product that does not really increase in price. Or that they can subsidise through back doors.

Does any company or institution publish an alternative inflation figure based on a real world basket of goods and services?

I mean the core of any consumer inflation figure should be rent / mortgage interest, groceries, transport and commuting costs, main utility bills inc internet and phone charges, council tax + TV license, clothing, luxuries such as holidays, car expenses, alcohol, eating out + takeaways.

That would cover the basic requirements of the average person, we don't need anything much beyond that to understand if core living costs are rising or falling?

[AtW]

They do want inflation, they've been trying for the last 10 years and now people will discover how that baby is real ugly

[GigiBronz]

“UK not on course for return to 1970s inflation, says Bank official

Jan Vlieghe says interest rates may still need to go below zero if economy falters in coming months”

https://www.theguardian.com/business...al-jan-vlieghe

Time to fleece savers again

Inflation will come whether they'll want it or not.

Probably it won't be reflected in their calculation. The basket of goods I think is already irrelevant, they'll probably replace it with a product that does not really increase in price. Or that they can subsidise through back doors.

I am already struggling to understand how people live on low wages.
Everything is expensive and food is of poor quality unless you want to fork out twice for it.

And if you dare to complain YOU are the problem.

I think it is the best period to go for up-skilling, the reward is not there anymore, you are just working to pay bills.

[AtW]

“UK not on course for return to 1970s inflation, says Bank official

Jan Vlieghe says interest rates may still need to go below zero if economy falters in coming months”

https://www.theguardian.com/business...al-jan-vlieghe

Time to fleece savers again

[AtW]

(c) is not a problem since central banks can continue to buy Govt debt at near zero interest

[DealorNoDeal]

Central banks should start putting interest rates up soon to keep a lid on it.

Oh, but wait a minute, they can't because (a) mortgage borrowers will be stuffed, (b) economies will tank and (c) the interest payments on all the Government debt would be crippling.

Oh well, never mind. I always did have a bit of a fond spot for the 1970s.

[AtW]

“The price of breakfast: soaring costs bolster fears of global food inflation

The prices of raw materials that go into morning staples have surged since the start of the pandemic

The cost of raw materials that go into making breakfast staples have roared higher since the pandemic began — raising fears that a broad commodity boom could push up global food prices for consumers. Prices for bulk contracts of coffee, milk, sugar, wheat, oats and orange juice have jumped 28 per cent on average from 2019 levels, according to trading on US futures markets, where companies lock in supplies or hedge their exposure to commodities costs. For meat-eaters, adding pork to that list pushes the average price rise to 32 per cent.”

https://www.ft.com/content/007bd0a0-...c-ec5b0ef4374d

DOOMed, Officially!