'..Another critical characteristic of the earlier inflation era was frequent temporary reversals in inflation, only to be followed by new peaks..'
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(Global Stagflation)(Inflation out of control) - Inflationary Psychology Has Set In. Dislodging It Won’t Be Easy.'Food prices jumped 18% in the 12 months through February, compared with the 16.7% rate recorded the previous month.''LONDON (AP) — U.K. inflation accelerated for the first time in four months in February as high food and energy prices hit consumers battered by the nation’s cost-of-living crisis.
The consumer price index jumped to 10.4% in the 12 months through February from 10.1% the previous month, the Office for National Statistics said Wednesday. The figures surprised analysts who had forecast inflation would slow to 9.9%.
The figures increased pressure on the Bank of England to approve an 11th consecutive interest rate increase when it meets on Thursday, regardless of concerns about the economic impact of strains on the global banking system. Many economists now expect the central bank to boost its key bank rate by at least a quarter percentage point.
“In recent days, some have suggested that the febrile environment in the banking sector should give central banks pause for thought before raising rates further,” said Kitty Ussher, chief economist at the Institute of Directors, a business lobby. “Today’s data suggests the opposite — the Bank of England’s job is not yet done.”
Bank of England policymakers have struggled to contain the fallout from Russia’s war in Ukraine, which drove up the cost of food and energy. Those pressures have in turn fueled broader price increases and demands for higher wages.
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“February’s surprise increase in inflation will raise more concerns for households whose budgets are already stretched to their limits,” said George Dibb of the Institute for Public Policy Research, a progressive think tank. “With some of the biggest contributions to rising prices coming from essentials like food, drinks and clothing, most households will find that their pay packet doesn’t stretch as far.”
Food prices jumped 18% in the 12 months through February, compared with the 16.7% rate recorded the previous month.'
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UK inflation jumps to 10.4%, surprising analysts, March 22, 2023
Context (Global Stagflation) - '..the highest inflation in four decades that they’re not close to winning..'(Global Stagflation) - German inflation unexpectedly accelerates in February [2023](Stagflation) - '..[like] the 1970′s doggedly high inflation.'(Global Stagflation)(QE Was a Colossal Policy Mistake) - '..wage earners have to get a 14.8 per cent wage increase just to hold even with this kind of inflation..'(Global Stagflation) - '..the Fed continues to misjudge inflation..' - Markets and households lose faith that Fed can handle inflation(Banking Reform) - 'Disaster is a strong but appropriate word that applies perfectly to the state of U.S. monetary policy..' - Dr. Hunt'..inflationary forces have been unleashed..'(The Taylor rule) - '..Bullard .. Using standards set by Stanford economics professor John Taylor..'(Global Stagflation) - '..societal collapse .. central banks have been “dishonest” in deflecting blame for the price surge from their prolonged use of ultra-loose monetary policy...'(Banking Reform)(Ethics) - 'A stable financial system .. [doesn't] exist in the U.S.' - The Wall Street Journal Editorial Board(Banking Reform) - 'Financial regulators have ignored their post-2008 rule book to contain the latest banking panic.' - '..a “monstrous” (according to Clemente de Diego) legal institution..'(Banking Reform - English/Dutch) '..a truly stable financial and monetary system for the twenty-first century..'