Inflation

[JudyJudyJudy]

14 minutes ago, Cairneyhill Jambo said:

A fish supper from the Gorgie Fish Bar is now a tenner. Unreal. 

£11.40 up Morningside

[Unknown user]

4 hours ago, Captain Sausage said:

I’ve just paid a £1700 early repayment charge and fixed my mortgage which was due to finish in April 23. 
 

My wife’s friend works at Goldman Sachs and she said their projection is for BOE base rate to climb to 4% by the middle of next year. 
 

Given it’s currently at 1.75% (albeit expected to go to 2.25% this month) and the best mortgage rates available for a 80% LTV on a 5 year fix are 3.6%, I’m going to end up paying £300 a month more, but at least I’m protected from a rise of 7-900 a month if rates keep going up. 
 

We are starting to feel the pinch now, money running out a week early despite us switching from Sainsburys to Aldi/Lidl and stopping all pubs/takeaways. With utility bills going up next month and another £300 to find for the mortgage, I think we are going to have to find either new jobs or start cutting back on nursery provision which is a nightmare as we both work full time and don’t have family nearby. 
 

I think this is going to get quite nasty quite quickly. 

It's already nasty for many, getting worse, and it's moving up the social ladder.

 

Crime is going to explode.

[Unknown user]

2 hours ago, Greedy Jambo said:

 

Aye, that's bad, especially when you finish the fish in about 3 minutes and you're just left with chips, how much does it cost to fry some potato's man? 

 

I know they've got overheads etc, but they're going to lose so many customers, is it worth it?

 

I'm sure they're not doing it to profiteer, every cost they've got, leccy, gas, their own food bill, has gone up too.

[That thing you do]

CPI inflation up again and markets dont like it.

 

£20 fish supper incoming.

 

 

[Tommy Brown]

6 hours ago, Greedy Jambo said:

 

Aye, that's bad, especially when you finish the fish in about 3 minutes and you're just left with chips, how much does it cost to fry some potato's man? 

 

I know they've got overheads etc, but they're going to lose so many customers, is it worth it?

It's been well reported on national news, the rising costs for these outlets.

Sunflower  in the main from Ukraine.

Energy costs.

Cannot comment on the food element, assume they are up 20% also.

They have no option  but to pass on these costs. It will intersesting to see out fast food market shapes up the next year or more.

[ri Alban]

40 minutes ago, Tommy Brown said:

It's been well reported on national news, the rising costs for these outlets.

Sunflower  in the main from Ukraine.

Energy costs.

Cannot comment on the food element, assume they are up 20% also.

They have no option  but to pass on these costs. It will intersesting to see out fast food market shapes up the next year or more.

And we have no option not to buy.

[Tommy Brown]

1 hour ago, ri Alban said:

And we have no option not to buy.

Exactly

 

How many will survive?

Good or a bad thing?

[joondalupjambo]

2 hours ago, Tommy Brown said:

It's been well reported on national news, the rising costs for these outlets.

Sunflower  in the main from Ukraine.

Energy costs.

Cannot comment on the food element, assume they are up 20% also.

They have no option  but to pass on these costs. It will intersesting to see out fast food market shapes up the next year or more.

Earlier in one of the threads I suggested that small businesses will take the hit in higher numbers than we expect.  The Government cannot help all of them and many will close.  The fast food market, pubs, resteraunts, those little sweetie shop things etc. look like they are examples of those in the eye of the storm. 

The matter will be compounded because many of these businesses employ folk on the lower pay scales and that will hit them hard.  A perfect storm.

[Dazo]

12 hours ago, Captain Sausage said:

I’ve just paid a £1700 early repayment charge and fixed my mortgage which was due to finish in April 23. 
 

My wife’s friend works at Goldman Sachs and she said their projection is for BOE base rate to climb to 4% by the middle of next year. 
 

Given it’s currently at 1.75% (albeit expected to go to 2.25% this month) and the best mortgage rates available for a 80% LTV on a 5 year fix are 3.6%, I’m going to end up paying £300 a month more, but at least I’m protected from a rise of 7-900 a month if rates keep going up. 
 

We are starting to feel the pinch now, money running out a week early despite us switching from Sainsburys to Aldi/Lidl and stopping all pubs/takeaways. With utility bills going up next month and another £300 to find for the mortgage, I think we are going to have to find either new jobs or start cutting back on nursery provision which is a nightmare as we both work full time and don’t have family nearby. 
 

I think this is going to get quite nasty quite quickly. 

That’s a fairly expensive gamble you’ve taken there. You will already be around £3800 down when next April arrives. Yes if rates rise a lot that will quickly be swallowed up then you will start to save. 

[The Mighty Thor]

Inflation dips to 9.9% in August. 

 

Driven by fall in Petrol/Diesel prices apparently. 

 

Interesting take on longer term picture and impact of Truss' as yet imaginary energy plans (if she can finally find time to stop pissing about get on with her actual job) 

 

https://www.ft.com/content/376c8d1d-6071-4c23-ba39-7a6e734d3947

 

Edited September 14, 2022 by The Mighty Thor

[manaliveits105]

Liz Truss is doing a fine job already 

[mrmarkus1981_1]

I did a mortgage calculator off the back of @Captain Sausagepost, even with a LTV of 65% my payments would go up £300p/m. Thats NOW, before any future % increase.

 

Remortgage in Dec 2023 so I'll be overpaying as much as i can until then.

[Captain Sausage]

2 hours ago, Dazo said:

That’s a fairly expensive gamble you’ve taken there. You will already be around £3800 down when next April arrives. Yes if rates rise a lot that will quickly be swallowed up then you will start to save. 

Just checked the rates this morning. My deal has gone and best rate is now 3.78% - that’s £33pm (£2k over 5 years). Feel a bit more comfortable already!

 

With the EU and US fed both signalling action to tackle inflation, I just don’t see how rates don’t keep climbing. 

[Captain Sausage]

27 minutes ago, mrmarkus1981_1 said:

I did a mortgage calculator off the back of @Captain Sausagepost, even with a LTV of 65% my payments would go up £300p/m. Thats NOW, before any future % increase.

 

Remortgage in Dec 2023 so I'll be overpaying as much as i can until then.

 

Horrendous stuff mate. But I guess best to be aware!

[Victorian]

12 hours ago, Greedy Jambo said:

 

Aye, that's bad, especially when you finish the fish in about 3 minutes and you're just left with chips, how much does it cost to fry some potato's man? 

 

I know they've got overheads etc, but they're going to lose so many customers, is it worth it?

 

Is what worth it?  Selling a meal at a price that is based on the cost of the produce + the cost of the cooking + the cost of other overheads (business loan,  rent,  rates,  wages,  etc) + the possibility of some kind of gross margin?  

 

The margin will be tiny on a £10 fish supper.  You'll be lucky if it's a pound.  Selling the supper at cost or at a loss falls into the orbit of.. is it worth it?  Answer no.

[gjcc]

The mortgage situation just now is dire. We reserved a new property in April and had our mortgage offer in place soon after. The build has been getting delayed and delayed. Due for completion next week which we are thankful of as our mortgage offer expires at the end of the month. We’d be facing a £200 increase at todays interest rates if it expired. Far cry from the 0.78% mortgage product we’ve ported over. 

Our new neighbours mortgage offer expired last month and they’ve not yet moved in so they’ll have had to suck up a higher interest rate than planned having already had to pay for short term let for 3 months so far. Sickening. 

[Dazo]

1 hour ago, mrmarkus1981_1 said:

I did a mortgage calculator off the back of @Captain Sausagepost, even with a LTV of 65% my payments would go up £300p/m. Thats NOW, before any future % increase.

 

Remortgage in Dec 2023 so I'll be overpaying as much as i can until then.

Banks are making a fortune from erc’s on people remortgaging due the fear of what interest rates may be. It’s a tough call but with over a year of your deal left I think you’re doing the right thing. 

[Victorian]

The orthodoxy smashing,  free marketeer ideologue junta will soon be putting severe pressure of the BofE to discard their one monetary policy lever.  There aint going to be much economic growth happening if the interest rate is slaughtering mortgage payers.

[The Mighty Thor]

Pound down to $1.09 after today's millionaires bonus pay out.

 

Down 19% this year to date. 

 

This'll keep inflation nice and high for a while and ensure the BoE take interest rates up to around 5%.

 

Good job. 

[ri Alban]

31 minutes ago, The Mighty Thor said:

Pound down to $1.09 after today's millionaires bonus pay out.

 

Down 19% this year to date. 

 

This'll keep inflation nice and high for a while and ensure the BoE take interest rates up to around 5%.

 

Good job. 

It will soon be worthless.

[ri Alban]

Just as well Scotland has oil.

[ri Alban]

10.1%

[Nucky Thompson]

4 minutes ago, ri Alban said:

10.1%

Were you sitting on the couch with a can of cider, waiting on the figures 

[The Mighty Thor]

World beating inflation.

 

Better together.

[PaddysBar]

Just now, The Mighty Thor said:

World beating inflation.

 

Better together.

Growth, growth, growth though. 

[ri Alban]

47 minutes ago, Nucky Thompson said:

Were you sitting on the couch with a can of cider, waiting on the figures 

Having a green tea 😁 Some of us have to work, to fund @Malinga the Swinga's pension.

Edited October 19, 2022 by ri Alban

[Footballfirst]

Food inflation 14.5%.

 

Impacts the poorest most as they spend a larger proportion of their income on it than the better off.

[Pans Jambo]

11 minutes ago, Footballfirst said:

Food inflation 14.5%.

 

Impacts the poorest most as they spend a larger proportion of their income on it than the better off.

Well indeed. The £1 pork sausages in the local Co-op are now £1.20!!!

[Diadora Van Basten]

The answer to inflation is inflation.

 

The Government and Bank of England think they can stop a wage price spiral but it’s just not possible and is why they are getting themselves in such a mess.

 

Recent interest rate rises have not worked and the 1% expected increase in November will take us close to interest rates in 2008 that crashed the economy and led us into recession at which point interest rates dropped like a stone.

 

If inflation is 10% and wages rise 10% then the Tax take will rise 10% as well.

 

It is likely that inflation will drop once the increases in fuel work there way through to the higher levels.

 

The only losers from inflation are banks that have lent money but at least they don’t have the pain of repossessing peoples homes.

 

 

Edited October 19, 2022 by Diadora Van Basten

[JudyJudyJudy]

32 minutes ago, Pans Jambo said:

Well indeed. The £1 pork sausages in the local Co-op are now £1.20!!!

The co op is one of the most expensive super markets . Always have been 

[WorldChampions1902]

1 hour ago, ri Alban said:

Having a green tea 😁 Some of us have to work, to fund @Malinga the Swinga's pension.

In which case I’m downing tools.

[Pans Jambo]

20 minutes ago, JudyJudyJudy said:

The co op is one of the most expensive super markets . Always have been 

I know but unfortunately, other than Lidl's in Prestonpans, it's all Co-op or Scotmid (which is the Co-op anyway).

 

1 x Co-op in Port Seton.

3 x Co-op's in Prestonpans

1 x Scotmid in Prestonpans

 

Its a Co-op mafia round here!

 

My example of the sausages is to highlight that most things have either went up by around 20%, or stayed the same price but decreased in size/weight.

Edited October 19, 2022 by Pans Jambo

[JudyJudyJudy]

1 minute ago, Pans Jambo said:

I know but unfortunately, other than Lidl's in Prestonpans, it's all Co-op or Scotmid (which is the Co-op anyway).

 

1 x Co-op in Port Seton.

3 x Co-op's in Prestonpans

1 x Scotmid in Prestonpans

 

Its a Co-op mafia round here!

 

My example of the sausages is to highlight that most things have either went up by around 20%, or stayed the same price but decreased in size/weight.

👍yes I’ve been in the pans co op when we have been at seton sands 

[The Mighty Thor]

2 hours ago, ri Alban said:

Having a green tea 😁 Some of us have to work, to fund @Malinga the Swinga's pension.

I believe he single handedly keeps the UK economy turning as the only guy to ever have a job and pay a pension or have a mortgage. 

 

I think he was also first to have a shirt sponsor and floodlights. He was definitely first with the floodlights. 

[ri Alban]

4 minutes ago, The Mighty Thor said:

I believe he single handedly keeps the UK economy turning as the only guy to ever have a job and pay a pension or have a mortgage. 

 

I think he was also first to have a shirt sponsor and floodlights. He was definitely first with the floodlights.

God taxed him a rib, back in the day, don't you know.

[That thing you do]

7 hours ago, Pans Jambo said:

Well indeed. The £1 pork sausages in the local Co-op are now £1.20!!!

Kevin Bridges always said the price of a  Chomp Bar was a sign of the state of inflation in a country

 

Is it a quid yet?

[Unknown user]

5 hours ago, ri Alban said:

God taxed him a rib, back in the day, don't you know.

[Pans Jambo]

40 minutes ago, That thing you do said:

Kevin Bridges always said the price of a  Chomp Bar was a sign of the state of inflation in a country

 

Is it a quid yet?

Well yes, these things are important.

 

I just checked. Average price seems to be 25p

 

Used to be 10p if memory serves...

 

 

[Malinga the Swinga]

7 hours ago, WorldChampions1902 said:

In which case I’m downing tools.

Wouldn't worry, it's a final salary one. Just working out whether to take large sum and lesser monthly amount or normal monthly payout.

I mean obviously I'm carrying on working so I can stuff pockets with cash, salary and pension, for couple of years to tide me over until state pension kicks in.

Lovely position to be in, and for once the light at end of tunnel isn't a train driving towards me.

Mind, having worked for over 40 years without break, not claiming benefits, working through COVID, contributing national insurance continually and paying all taxes, I reckon I've done my fair share and it's time to get some benefit for me and my family.

Need to take some tax advice though as I won't be wanting to fund the workshy and feckless anymore than I do at present.

[Jeffros Furios]

21 minutes ago, Malinga the Swinga said:

Wouldn't worry, it's a final salary one. Just working out whether to take large sum and lesser monthly amount or normal monthly payout.

I mean obviously I'm carrying on working so I can stuff pockets with cash, salary and pension, for couple of years to tide me over until state pension kicks in.

Lovely position to be in, and for once the light at end of tunnel isn't a train driving towards me.

Mind, having worked for over 40 years without break, not claiming benefits, working through COVID, contributing national insurance continually and paying all taxes, I reckon I've done my fair share and it's time to get some benefit for me and my family.

Need to take some tax advice though as I won't be wanting to fund the workshy and feckless anymore than I do at present.

You worked through covid ?  God , how brave. 

Would you like a gold star ? 

[ri Alban]

26 minutes ago, Malinga the Swinga said:

Wouldn't worry, it's a final salary one. Just working out whether to take large sum and lesser monthly amount or normal monthly payout.

I mean obviously I'm carrying on working so I can stuff pockets with cash, salary and pension, for couple of years to tide me over until state pension kicks in.

Lovely position to be in, and for once the light at end of tunnel isn't a train driving towards me.

Mind, having worked for over 40 years without break, not claiming benefits, working through COVID, contributing national insurance continually and paying all taxes, I reckon I've done my fair share and it's time to get some benefit for me and my family.

Need to take some tax advice though as *I won't be wanting to fund the workshy and feckless anymore than I do at present.

*I don't like funding Tory MPs either.

[WorldChampions1902]

@Malinga the Swinga your personal circumstances are an exact mirror image of mine. The only part of your post I don’t agree with is the final sentence though. Funding “the work shy and feckless” as you put it is unavoidable whatever welfare state is in place. I suspect your definition of those categories of benefit claimants will differ from mine.
 

You will enjoy your well-earned retirement more fully if you can come to terms with the fact that a tiny, tiny number of benefits claimants buck the system. Much better to adopt my mindset that only around 1% of benefits claims are fraudulent ergo 99% of your salary deductions support deserving causes (for want of a better phrase). Otherwise the topic will continue to gnaw away at you when you look at your quite considerable pension payment deductions, for the duration of your retirement. Not healthy.

[Malinga the Swinga]

28 minutes ago, WorldChampions1902 said:

@Malinga the Swinga your personal circumstances are an exact mirror image of mine. The only part of your post I don’t agree with is the final sentence though. Funding “the work shy and feckless” as you put it is unavoidable whatever welfare state is in place. I suspect your definition of those categories of benefit claimants will differ from mine.
 

You will enjoy your well-earned retirement more fully if you can come to terms with the fact that a tiny, tiny number of benefits claimants buck the system. Much better to adopt my mindset that only around 1% of benefits claims are fraudulent ergo 99% of your salary deductions support deserving causes (for want of a better phrase). Otherwise the topic will continue to gnaw away at you when you look at your quite considerable pension payment deductions, for the duration of your retirement. Not healthy.

Won't gnaw away at me as there isn't anything I can do about it. I leave it up to government, or what passes as government these days. My own kids have good work ethic and that's all I can be responsible for.

Definition won't be that different. I know it's a tiny percentage and I know that the big companies that avoid taste worse. Just get pissed off with both of them tbh.

Last 10 years have been hard with work cuts and trying to survive but now, boot is on other foot and I'm far more relaxed at work. When bosses ask my opinion, they get it straight. No career prospects to protect, no playing games, just 100% honesty. What's the worst that can happen? Make me redundant and I'll be out the door in record time.

Getting older sucks but have to say, I do look at folk starting out on careers now and think I'm lucky I'm not them. Will miss most of the people, the daft chats and nonsense that goes on, but office politics is one subject I will happily be rid off.

Enjoy your retirement when it comes, and have a plan in place for when it happens. Believe that's a necessity to keep boredom and stress away.

[Diadora Van Basten]

31 minutes ago, Smithee said:

 

 

[The Real Maroonblood]

50 minutes ago, Smithee said:

 

 

[Footballfirst]

Here is an ONS graph of food price inflation.

 

[Taffin]

16 minutes ago, Footballfirst said:

Here is an ONS graph of food price inflation.

 

 

What drives items to be on that list do you know? It's an odd list. Good to see it's mainly the 'luxury' items that are the most increased, frozen veg aside...hopefully fresh veg performs better.

 

I'll take the positives...pizza below rate of inflation, I'm basically paying myself to eat pizza now 😍

[Footballfirst]

Just now, Taffin said:

 

What drives items to be on that list do you know? It's an odd list. Good to see it's mainly the 'luxury' items that are the most increased, frozen veg aside...hopefully fresh veg performs better.

 

I'll take the positives...pizza below rate of inflation, I'm basically paying myself to eat pizza now 😍

I guess that it is a selection of a typical shopping basket with a mix of staples (bread, tea, coffee, milk cheese, pasta, fruit, veg) and a few other non essential "luxuries" like biscuits and crisps.

[heartsfc_fan]

22 minutes ago, Footballfirst said:

Here is an ONS graph of food price inflation.

 

Crazy. I was in Tesco the other day and did notice big increases in stuff like bread and crisps.

If anything it made me buy the supermarket alternative as opposed to the brand.

Taste wise not that much difference.

[heartsfc_fan]

Also diesel is 191p a litre at my local Tesco 😂 mental.

The price difference now is about 25-30p more than petrol at most places.