Jeremy (I’m not wealthy) Corbyn and John McDonnell would rather talk about anything, including the weather and the Royal Family, than talk about Brexit related inflation (and their plans to maintain the Tory’s benefits freeze and benefit cap) …
Mind you, when you have spent forty odd years saying, Hard Lexit will have no serious downsides then you might want to avoid the charge you had been on the wrong side of history for over four decades?
Meanwhile, Labour MP Chuka Umunna says the “ongoing Brexit chaos” is hitting people in their pockets …
“Not only is inflation continuing to run well above the Bank of England’s target, at 3%, but the inflation rate for food and drink has increased to 4.1%, the highest since September 2013.
People are feeling the Brexit squeeze as real wages contract and everyday items become more and more expensive. Nobody voted in the referendum to make themselves poorer, so people have every right to look at the impact Brexit is having on their finances and ask themselves whether the realities of Brexit match up with what they were promised. If not, everyone has the right to change their mind.”
Britain’s inflation rate has stuck at 3.0% in October 2017, matching September 2107’s five-year high …
That means there’s no let-up in the cost of living squeeze hitting UK households.
On the upside, City economists had feared the consumer prices index would have risen even higher, to 3.1%.
Brexit blamed for high UK inflation
Food prices are keeping inflation high
The cost of food and non-alcoholic beverages rocketed by 4.1% over the last 12 months — helping to keep overall inflation high.
The jump in food price inflation to 4.1% may drive more families to Britain’s growing roster of food banks.
Poorer households are suffering particularly badly from the surge in inflation
Stephen Clarke of the Resolution Foundation has interrogated today’s (Tuesday 14th November’s) data, and shown that poorer households are suffering particularly badly from the surge in inflation.
“While the headline rates of inflation remained unchanged, the drivers of inflation have continued to shift – and are hitting less well-off families particularly hard.
Food and drink prices increased faster than at any point in the last four years, while clothing prices also rose at a rate above overall inflation. The rising cost of these basic items affects low and middle income households far more than better-off households, who are also being cushioned by static fuel costs.
With prices rising far quicker than wages, it is vital that the Chancellor keeps in mind the double whammy of squeezed pay packets and frozen benefits when he announces his Budget next week.”
Essential items, such as food, are rising sharply in price. Higher energy bills also hit families across the board.
In contrast, the cost of ‘non-essentials’ such as hotels and restaurants was more subdued last month.
Plus, the recent drop in petrol prices is welcome if you own a car, but not if you can’t afford one …