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  • Haskel: UK inflation: What's done and what's to come

    From bankofengland.co.uk Story is in PDF Format

    I am delighted to be at the Economic Statistics Centre of Excellence (ESCoE) today. Economic measurement is central to good decision-making. But it’s difficult and I applaud the key contributions that ESCoE continues to make in this very challenging area. As I’m in the last eight weeks of my time on the Monetary Policy Committee, I want to talk about our key concern: UK inflation. I’ll try to look at the past and future of inflation: what’s done, and what’s to come. To address these questions, we will need a model. Now, economic models get a bad press and the Bank recently commissioned a review of economic ... (full story)

Quote
What caused the pandemic-era inflation? There is little consensus on this question, and commentators hold diametrically opposed views. Some say the Bank did “too little” and were “behind the curve” in 2021. Others say the Bank has done “too much”, and CPI inflation of 2.0% in May 2024 proves it. Still others blame “greedflation”
So the "Bernanke and Blanchard" model is conveniently employed to avoid admitting that nobody looked out of the window...

After the pandemic there was a shortage of skilled labour, specifically large goods vehicle drivers, notably the skilled variety necessary to deliver fuels to forecourts. The result was under-supply of fuel which caused distribution costs to rise.

Also the same labour shortage prevented the transfer of non-fuel goods to the shops, this created a second under-supply pressure on prices.

That was before somebody blew-up the Nord-Stream pipeline causing a five-fold increase in electricity prices.

Where do I apply to join the MPC....
Carbon-Dioxide: the gas of life!
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