Spud was actually predicting deflation, was he?
Prices are falling, as was always expected to happen now, irrespective of interest rate rises.
Blimey.
Spud was actually predicting deflation, was he?
Prices are falling, as was always expected to happen now, irrespective of interest rate rises.
Blimey.
Are prices falling? Adjusting for seasonal variation where applicable? I haven’t seen the slightest sign of it. Or does he mean the rate of inflation is lower? Does he even know what he means?
@ BIS
Yep, prices are rising less quickly (AKA dis-inflation) but not falling (deflation).
We all mock Murph, though some argue that he’s only ignorant, stupid, and malevolent while others think he’s declining into insanity.
But have we considered the possibility that he’s actually an experimental chatbot? I wonder whether this could be a clue:
‘The French pronunciation of ChatGPT sounds identical to “Chat j’ai pété” meaning “Cat, I’ve farted”.’
No it’s not the French for queef.
Well commodity prices are falling. But oddly enough prices in the shops aren’t. But no profiteering is happening, no not at all, as our host keeps telling us, so it must be true.
If he had started the phrase with “Some”, he would be right. But he didn’t, so he’s wrong.
May 2022: “The real problem we might face in the UK might be unplanned for deflation within a couple of years”
https://www.taxresearch.org.uk/Blog/2022/05/03/the-real-problem-we-might-face-in-the-uk-might-be-unplanned-for-deflation-within-a-couple-of-years/
May 2020: “We need inflation: what we have is a risk of deflation”
https://www.taxresearch.org.uk/Blog/2020/05/20/we-need-inflation-what-we-have-is-a-risk-of-deflation/
Plus Murphy (unsurprisingly) gets it wrong – price deflation is very focused as it’s driven by terrible weather, with shops cutting prices of summer clothing and footwear to try and shift stock, rather than monetary policy
https://www.theguardian.com/business/2023/aug/01/uk-shop-prices-fall-discounts-clothing-footwear-british-retail-consortium
@FA
Has Tom’s autocorrect of taxresearch to t*xresearch, broken? Testing:
https://www.taxresearch.org.uk/Blog/