Costco are likely selling at a loss to be fair. Will get people into the shops where they make their money.
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Inflation - when is this going to end?
- Thread starter Johnny Mars Bar
- Start date
Supermarkets aren't selling 20p a litre cheaper, 20 minute queue to fill up, most were not doing the shop there, queuing on the road, not the carpark, I saved about £12 on my filling my tank,Costco are likely selling at a loss to be fair. Will get people into the shops where they make their money.
manclad
Well-Known Member
Best non football post on BM for years Brian.The last time something like this happened was back in the 1970s when there was a massive hike in fuel prices and petrol rationing was prepared for, but not, in the end, brought into play. https://en.wikipedia.org/wiki/1970s_energy_crisis
It caused a massive recession. When people rattle on about how bad the 1970s were, this was the root cause of all the difficulties. It led to high inflation, and ultimately to a long succession of strikes for more pay including the so-called 'winter of discontent'.
We are looking at something similar. However, in my role of ambassador for the 1970s, I will point out that in some areas we were much better off back then. Housing was much cheaper in real terms, and rented council accommodation was practically free to all compared to now. The NHS was fully functional. We were less reliant on oil and gas - much power was still produced by coal.
How this will end, God knows. Much will depend on how long people continue in their delusions, courtesy of the Daily Mail and its ilk. Given that there are still people out there who think Johnson was the bee's knees, I am not hopeful.
My guess is this winter will not be pretty and there will be widespread social unrest. But whether the British will actually find the bottle to do something about it, instead of just moaning, I don't know.
The only 'cure' is an end to the war in Ukraine, followed by rapid normalisation. Really we should be bursting our balls to put in wind farms, solar panels, and nuclear power stations, but none of this can be done overnight. It will take years and very considerable expenditure.
Back in those days of the 70s I wasn't married and I didn't have a house ( I lived at home with Mum and Dad until 1980) so apart from having enough money for beer and City the price of things didn't bother me too much.
At the moment it's young families who are finding things difficult, although there does seem to be alot more government financial support than in the 70s and 80s.
I only recall getting child benefit as extra income from the government, everything else came from the job I was employed to do.
Millwallawayveteran1988
Well-Known Member
- Joined
- 23 Sep 2010
- Messages
- 38,497
Interest rates just been hiked by 0.75% in the US. Only back to where they were pre Covid though. A lot of fixed rate mortgages at less than 2% up in next 6 months which will create a problem for many. I think Inflation will peak soon and then start falling again as people slow the spending. I don’t see much evidence of the latter happening when I’m out though so it could take a few months to ripple through.
Johnny Mars Bar
Well-Known Member
Surely there comes a point well before then when people just don’t pay it.Seriously worried we could be paying 500 pounds a month for energy in January according to BBC news .
If, god forbid, I have to choose between paying the electric bill or buying food, then British Gas can get right to fuck.
They’re not going to cut millions of people off.
Johnny Mars Bar
Well-Known Member
The profits the big energy companies make is disgusting I agree. *BUT* despite what some people say, there is a difference between the premium brand fuels and cheap supermarket stuff. Shell, BP etc add detergents and additives to their fuel that helps condition your engine, which the cheap outlets don’t.It's the profiteering that's disgusting, I went Costco last week, petrol, £1.70.9 a litre, shell garage a mile down the road from my house as I drove past on the way home, £1.91.2
Costco aren't selling at a loss, shell making record profits, disgusting
It’s a tiny thing though and doesn’t make up for the big cost difference.
Johnny Mars Bar
Well-Known Member
That’s the boat we’re in. Our three year fixed rate just ended, we desperately need to sort another one now before they go up again.Interest rates just been hiked by 0.75% in the US. Only back to where they were pre Covid though. A lot of fixed rate mortgages at less than 2% up in next 6 months which will create a problem for many. I think Inflation will peak soon and then start falling again as people slow the spending. I don’t see much evidence of the latter happening when I’m out though so it could take a few months to ripple through.
Cheeseburger in the 99p menu gone up 20p after 14 years and that is useful? The Big Mac Index in for PPP comparing currencies not inflation, and just really a quirky example for students.
Inflation tends not to end, but did around September 2008 when there was deflation, but we were in a worse situation then, I would rather have inflation than deflation under those circumstances.
Inflation tends not to end, but did around September 2008 when there was deflation, but we were in a worse situation then, I would rather have inflation than deflation under those circumstances.
cleavers
Moderator
Ours have come down a bit, diesel as much as 7p per litre in the last week around here (if you shop around - unluckily I'd just filled up).No sign of petrol and diesel prices coming down any time soon.