BOOM MOTHERFUNKSTERS!
Inflation shock: Consumers Price Index rose 7.2 per cent – well above expectations
The inflation rate is down, only just, but vegetable price inflation just hit the highest levels this century, and the overall inflation rate was higher than anticipated.
It should have peaked – economists agreed on that much about New Zealand’s inflation rate ahead of today’s Consumers Price Index announcement.
And the latest data shows they were right, by the slimmest of margins, with inflation for the year to September at 7.2 per cent.
Thanks to falling fuel prices across the past few months, inflation was expected to land between 6.5 and 7 per cent.
Instead, the 7.2 per cent leap followed an annual increase of 7.3 per cent in the June quarter, and an annual increase of 6.9 per cent in the March 2022 quarter.
Those June figures showed inflation was at a high not seen since the start of the 1990s
NZ inflation rates are in and as TDB has predicting against the supposed experts, fucking inflation HAS NOT PEAKED and we are going to see far far far worse!
Look at how all the experts were predicting 6.8, it’s come in 7.2, far hotter than predicted and .1 down from the last reading, the problem is that the latest spasm of violence in the Ukraine and the inflation pressures inside the US are all pointing towards hyper inflation NOT a peak of inflation.
What this shows is that the experts are totally out of their depth because we are in such utterly unique circumstances that go well outside their economic parameters.
We are on the verge of extreme market dislocations as Central Banks are forced to continue ramming up interest rates to the point they cause the debt to event horizon and implode.
The Government’s 25cent tax fuel subsidy comes off in January, but OPEC last week just cut oil production to aid the Russians despite fist bumping Biden just in time for the full impact to be felt in America during the November midterms.
How does NZ avoid that spike in oil prices?
Can the Government politically risk removing that fuel subsidy?
Since the 2007 global financial crash, we have printed $25Trillion in quantitative easing artificially creating the lowest interest rates in 5000 years. The global supply chains pushing deep into the most de-unionised parts of China subdued all the inflation, but Covid, the massive drought impacting agricultural calendar and the war in Ukraine has caused supply side shocks that are causing hyper inflationary pressures Reserve Banks can’t contain.
My argument is that we are in a unique perfect storm of massive debt, catastrophic climate change destroying the agricultural calendar and war in the Ukraine which will combine to cause a geopolitical shockwave that will knock us into crisis.
Our experts have claimed since March that we had passed peak inflation, but the numbers aren’t telling us that – I argue the uniqueness of this perfect storm means the rules that previously worked aren’t working and radical change will be necessary.
You think inflation is bad now? Folks, shit just getting real now.
75 points by Adrian Orr are now on the table JUST LIKE I ARGUED IT WOULD!
I have argued we will hit 10% inflation by December, I still stand by that.
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Wait until the societal fallout of neo-colonial migration masquerading as domestic economic growth really kicks in 😉
They are opening the border just before unemployment rockets to make the number of employees going for a job so high that desperation kicks in and people work for peanuts. Some Labour party this is? Key would be proud.
Yeah 10 percent easy. Fruit and vege is the freaky one.
So grow your own wherever/whenever you can and just don’t buy the out of season or exorbitantly priced stuff.
Yep, you do not need a great big garden, we grow tomatoes in plastic tubs, and lettuce, rocket, herbs and chillis like that too, just mist water them when tiny. And in the kitchen you can do jars of sprouts from tiny packs, and micro greens for sandwiches.
Pickled, spiced veggies are easy too. We are not survivalists or anything, or know it alls like certain politicians–“feed a whole street on a kilo of mince” types, but some of this is pretty easy.
Nonsense. I planted potatoes last year and pumpkins came up. It may sound easy…
Correct a tin of Italian tomato $1 .50 holds 8 tomatoes. Celery $3 -$4 large bunch “Carrots cheap
Onions cheap . Pasta plus these vegetables and mince or a sausage cheap healthy meal.
So why are Broccoli, Lettuce and Tomatoes so high? With fuel costs declining over that quarter is it storm damage?
The economists (whoever they are) were wrong about the decline but it still levelled off. I would not assume 10% is a sure thing by December.
Neoliberal/ woke got rid of productive land around Auckland growing veggies to build housing estates that cost over 1 million per house – not sure how workers are expected to afford them with our low average wages and now spiralling cost of food, interest rates and other necessities.
Minimum wages increases and the genius FPA are driving them up coupled with restrictions on immigration
Labour, is there anything they can’t make worse?
No Labout couldn’t make things worse but National sure as hell can.
Nationals plan is that of the U.K.’s and right now this is where they sit…
“The annual rate of inflation rose to 10.1% in September, up from 9.9% in the 12 months to August, the Office for National Statistics said on Wednesday. That returns it to July’s recent high. ”
You’re quite welcome to go live in the U.K. or are you going to blame their inflation on Labour too?
“Can the Government politically risk removing that fuel subsidy?” Answer. No. And its the best savings for the poorest citizens! A reverse GST in effect.
That genie is out of the bottle, no going back even a small amount now. Pure unadulterated political suicide if they do!
I could see Nat/ACT doing it though to cover for tax cuts to the wealthy. Classic Republican strategy!
OK got it–a shitstorm is about to turn into a mega colossal, twin turboed on nitrous, day of the dead shitstorm.
So–what–are–we–going–to…bloody do about it then?
Might I suggest–thousands of people getting politically active? Passivity will mean great suffering and division instead of unity among working class people–blame ‘X’ for your woes rather than the boss class, banks, and duplicitous politicians. Commenting online, useful as it is for information, will not cut it when thousands may lose their properties and find out what the Aunties couch is for.
–Community organising, get to know your neighbours and local people
–Join a group or start one that does something useful for yourself and other people
–Join a union if you are in paid work, participate in that union don’t just pay fees
–Be up for direct action to support various causes like–stopping evictions due to mortgage rates spikes, enter empty properties and occupy them for accomodation and work, boycotts of certain companies, Picket the supermarket duopoly
–Join in Climate Action
Broader Political goals have long been listed on TDB like Basic Income, Free Dental etc. but they will have to be fought for which is why more politically conscious and active people are so needed a this time.
Time to hit the farmers with a carbon tax, that will help.
By the way Martyn, some economists got within 0.3% of one percent with their estimate. That’s not miles away.
It’s the pain we have to bear in order to rid ourselves of this government. See it as a cancer operation – painful but necessary to remove the tumor that is slowly killing us.
“Democracy: The system of government where you get the one you deserve”
Churchill
The doom, gloom and propaganda will have its impact. Each story seeing Labour’s number of seats moving closer to 30 than 40.
LPG… diesels run better on it, it’s cheaper way cleaner and we got it… 1/2 price of diesel and petrol. The dumb ass woke shit heads hate it though, and or they haven’t read a book on it. Energy security isn’t fucking EV’s or imported fuel.
“Can the Government politically risk removing that fuel subsidy?”
They can, but will they? Somehow I doubt it.
We had a chance to do everything we should have with massive corona borrowing but we blew it. Again.
It’s not all imported inflation, every week shop keepers and business owners set their prices they look around, see competitors have increased their price and are still selling stuff so they crank up their price too. Consumers have now had a couple of years training to expect higher prices and business is making hay.
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