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Inflation up to a ten year high
Don't wish anybody ill, but I hope it stays that way for a few weeks.
September's figure is the one they use to work out next years pension increase!
It will, perhaps even topping 5%; if the BBC pundits are to be believed it will return to 2-3% in the next 9-12 months.
Whatever the politically biased may say the phenomenon is a world wide experience which is being "enjoyed" in the Eurozone and of course in the USA.
My memory goes back to times when different political parties were presided over inflation rates which makes the current experience something they would have trumpeted as a success.
Inflation topping five percent? Luxury!
Between 1970 and 1975 inflation climbed steadily, until it peaked in 1975 at 24.2%
In 1980 it was at 18%
We seem to have managed to survive as one of the richest nations in the world, and we'll undoubtedly survive for a few more decades yet. If people would just stop panicking every time they see something on TV or in their papers they might realise that what's happening at the moment isn't the end of life as we know it.
I remember during the peak times in the 70s the armed forces (and probably others) had an RPI factor built into their monthly pay cheque.
You didn't know what you were going to get from one month to the next.
Not so bad if you were a salesman or in a job with overtime, but a bit hard to cope with if you were used to planning with a fixed income.
Didn't last long; just as we didn't know what we were getting, the Government didn't know what their wage bill would be each month either!
You need to work out your own personal inflation rate, you will probably find it many times the official rate.
The danger with quoting percentages and historical inflation rates are that 5% of a very large amount(today's rate) can be a lot greater than 24% of a much smaller amount(1970's).
As we used to day when we got a pay rise notification, "3% of SFA is SFA"
"If people would just stop panicking every time they see something on TV or in their papers they might realise that what's happening at the moment isn't the end of life as we know it".
Yes very true indeed FE.
I also remember when inflation was near to 25% but life still went on much the same as it will now. It is after all the silly season and the press must find something to write about.
As a country and overwhelmingly as individuals we have experienced strong and continuous growth in real incomes and our standards of life for a very long time.
This growth has in some ways fed the expectation and indeed the requirement for many to keep on improving and anything less is a disaster.
Perhaps this "reminder" will help people to understand that there is no golden rule and there will be slack times, rather than getting excited and panicking about the slightest downturn. The media love it of course and they are reluctant to provide balanced analysis because actually that is quite boring and not the least but interesting to a large part of their audience who just love sensationalism and have the Eeyore in them fed to bursting.
I remember that, I worked in Devonport Dockyard and we had a pay rise nearly every week, they soon put a stop to that....lol
Mention of Guzz Dockyard triggered a long-buried memory of a traditional RN song. It was sung on Sods' Opera nights (don't ask) to the tune of Just Like The Ivy On The Old Garden Wall — perhaps Bingalau would hum it for us if we were to ask him nicely:
Dockyard mateys' children
Sittin' on the dockyard wall,
Watchin' our fathers
Doin' damn* all.
When we grow older
We'll be dockyard mateys too.
Just like our fathers
With damn* all to do.
* expletive deleted; polite equivalent substituted.
Apologies to laurie53. Back to your topic...
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