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 😉
Ahhhh changed your handle from Castro, but still posting ‘civil war’ and ban ‘foreigners voting’ tropes I see….a name change means nothing if the same posting themes remain the same.
You need to change your handle to, I am WRONG..
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…
Badger that sounds like me,I’ve planted things and nothing happened.
Careful, it’s not legal yet Bob.
Careful, it’s not legal yet Bob.
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.
Not if you eat it 365 days a year.
the point of nutrition is diversity.
the main issue i see with good food is that many people don’t know how to cook from scratch, don’t know how to store food, and in the worst case are actually living in a motel with no cooking facilities, – as so many of our homeless do, or they can’t afford the electricity to run an oven/stove and fridge.
I can cook cheaply and feed a lot of people, but i can’t do that without access to a place that sells affordable raw ingredients, a functioning stove and fridge.
We’ve been in a perfect storm situation since the GFC. 12 years of Austerity and currency wars, trade wars, woke wars, military wars and fuckwit political wars.
This is the norm for the rest of the decade unless the world blows up.
I bought a horse from a dog food company and a bag of meth from the dealer down by the primary school. With a fully charged taser I can get 80k out of it, but not for long. Bit slower with the car trailer on.
AO/NZ had LPG for as cheap-as. It was like .48c a litre. There was even a subsidy to have your car converted to LPG. Then The Boys fucked it. Aye Boys? You sold us out to Shell didn’t ya? Yes. Yes you fucking did.
Inflationary pressure in AO/NZ is a scam. The banksters have you bullshitted and our politicians are all oiled up and lobbied. I.e. Bribed with money, coke and hookers. ( You fucking think I’m joking don’t you? ) All we have to do is become politically creative and the first thing to do is to not believe one word our politicians tell us, because? You guessed it. They’re so completely lobbied by privateers our politicians don’t remember whether we’re human beings or some kind of mythical outlander humanoid which, if they’re careful, will never need to meet in person much less listen to or God forbid, touch. Just give us money… now go away.
Food’s a scam, housing’s a scam, fuel’s a scam, public transport’s a scam, AIR NZ’s a scam, our local councils are scammers, our rates are a rort, our politicians are a myth, we’re suckers and we’re asking for a hiding because ignorance and stupidity is no defence. The reason our politicians don’t engage with us directly, as they could easily, is because they like it this way. We have no real idea what they get up to and they take high six figures plus entitlements and expenses from us and we have no choice about that. Clean, green, sweet-as and free as a bird right?
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.
transport costs are the reason for high vege prices.Most trucks run on diesel. Closing the refinery has made diesel expensive and is wrecking havoc with our agricultural economy. As predicted.
2.4% increase in diesel doesn’t account for 20% rise in these items. In fact is broccoli a crop that relies on overseas labour for harvesting?
There are a lot statements made out there that don’t get much scrutiny. Nicola Willis again blaming government spending for the rise in ( only it seems) certain vegetables, or international airfares, is not something she even believes. Construction is more understandable.
Willis wouldn’t be doing her job if she wasn’t blaming the government, well, on everything including global inflation. She’s great for a laugh though. What is inflated is her ego.
How much of our greens come from overseas, and then keep in mind that last growing seasons in many places was disrupted by droughts, storms, fires, covid related worker shortages i.e. produce not picked/boxed/shipped and add in high costs of energy and gasoline and rising and you have a distinct lack of produce and products in your local food distribution centre.
It will be worse next year.
All the more reason why we need clear, exact, country of origin food labelling. I want to know where my food comes from – not “made in NZ from local and imported ingredients”. In print size that can be clearly read.
you have that already. oranges from the US, melons from OZ etc.
Now factor in a really rainy sunless winter. Nothing growth. A few floods. OOps there go a few greenhouses and your production. A bit of a drought in the US, Europe, China, there go your tins of tomatoes, garlic, ginger etc. A bit of a drought in Italy. No risotto rice. A wee war in Europe, there go your grains for bread. Oops. too bad, i guess its eat cake time.
Rinse repeat and you will understand that you need to start planning your meals again, buy smartly, not waste a fucking grain, and be thrifty. It will be worse next year.
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.
Thought that was what Labour promised at election time?
Why haven’t they delivered?
Don’t know how.
Not sure what the ratio of “thought” in your posts might be Bob, but Labour certainly did NOT promise to help with politically organising people so they can occupy empty properties, stop bank called evictions, picket supermarkets and boycott businesses!!
Sorry TM not sure what you mean.
“Thought” is polite in the context I use it I’m not claiming to be the oracle.
If I’ve offended you apologies there was no intention to do so.
I’m back! To prove by ranting further…
Food. Our farmers grow enough food to feed 40 million people. ( So it’s said here.)
Then why hunger? Why hungry kids? Why hungry adults? Why must people decide to whether to eat, or pay rent, or electricity, if you’re lucky enough to have a roof over your head that is? Why did our politicians allow, indeed encourage, the wholesale theft of our housing stock by four foreign owned banks, aided and lazily abetted by adrian orr and his liddle plaything the RBNZ while he slumped back in his well padded office chair and watched on as aggressive foreign agents invaded our AO/NZ who can now lay claim to billions, perhaps trillions of dollars worth of OUR real estate. Our Land. Guns and tanks couldn’t have done a better job.
Why is that? Why?
Well, I can tell you why. Yes, I can.
It isn’t because privateers are ripping us off. It isn’t because the supermarket cartel duopoly are rorting the last living, breathing fuck out of us. It isn’t because the four foreign banks are beyond soulless monsters given free rein to take billions of dollars out of our economy in their net profits annually. No. They’re merely a symptom of a far greater, far more dangerous, far more damaging problem.
Wait for it? Here it comes.
It’s us. We’re to blame for the mire we’ve sleep walked into and here’s why.
We’ve allowed OUR politicians to do with us as they like. Our politicians tell US what to do, what is acceptable and where, when, why and with whom we associate, party with and can talk to.
In short. Our politicians are well out of control. Literally. The hideous cadre of trouser polishers who are National. ( In me, they inspire the gag reflex.) Patronising ‘Aw Bless’ Labour lazily and arrogantly flouncing about while the working poor watch TV in cheap sleeping bags because they can’t afford electricity because lazy, gutless, weak, wearisome neoliberal labour sold our resources to privateers and now those privateers rort the fuck out of us.
We’ve allowed our politicians, all of them, to not only NOT do their best by us in the broadest sense but to charge us like wounded bulls for their grossly poor performance.
They would, of course, put up a vigorous counter arguments but them’s the facts, and the facts are the facts. Most of us are fucked on a rich as few islands while our politicians and their multi billionaire mates ain’t. Far too many of us live in dire poverty and it’s not right and it’s not necessary. Forget focusing on privateers, lobbyists and corporate psychopaths. They don’t yet matter. What does matter is our politicians entrusted by us to do their best by us and by doing their best by us, they must start with our most at risk first. Are they though? Are they? No. They’re fucking not. Therefore, we must take over and sort them out.
Again I thought Labour we’re going to sort all of this out?
Many entrusted them to do so.
They haven’t because they don’t know how.
So Labour haven’t sorted it, prey tell what ate your thoughts on how the right bloc will “sort it”?
As you have admitted too, it needed sorting because Nact fucked it up.
Time to hit the farmers with a carbon tax, that will help.
With the current Labour Government’s proposed emissions policy aimed at increasing the costs and lowering the yields of NZ food producers prices will continue to rise internally.
The weak NZ dollar a direct result of of our perceived poor fiscal management adds cost to both imported and locally produced product.
A perfect scenario for economic mayhem.
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
and you think the pain under the truss style luxton neo-lib jhiadists will be any less andrew? yer dreamin son.
No Wheel not miles away but instead very close.
The doom, gloom and propaganda will have its impact. Each story seeing Labour’s number of seats moving closer to 30 than 40.
I swear, on my dear old Ma’s ashes, I’ve only just watched this. Which is entirely in support of what I’ve just written above. Lobbyists are influencing [our] politics to best suit their agenda’s. That, is singularly the most scary thing you’ll read and yet it might have the least impact on you and your day because you’re so brainwashed and beguiled by cynically exploitative and commercialised pap and gibberish.
Russell Brand.
(U$A centric ) The decriminalising of cannabis… that wasn’t.
YouTube ( Also on Rumble.)
https://youtu.be/5Ti8Sn5njWY
Child hunger, poverty and the lunacy of our economy, our living costs and our house prices is entirely the fault of our politicians. All of them. Not us, not narcissistic, psychopathic business, but our politicians.
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.
High inflation and the resultant rise in interest rates benefits only a few,the very wealthy.
They can move money out of higher risk investments like equities into fixed term interest deposits.
Meanwhile the poor are as always the hardest hit.
“Inflation has peaked” is what I would call ‘govt sponsored big media fantasy clickbait’ designed to take the heat off harsh reality. We are supposed to believe that this govt is competent at managing the economic crisis ahead, which of course it isn’t. Far from it. Watch the stress and pressure from their own voterbase get to Ardern and Robertson.
Their own voter base should be the first to leave Labour they have been betrayed.
They have no fiscal competence which is on display every day.
International markets have no faith in the Labour Government hence the weakness in our currency.
That’s just bollocks Bob
To be fair nine years of betrayal by National saw their own voter leave in droves, how Act survived beggars belief but not all of Nationals tribal voter base went to Labour, some went to Act which increased their M.P. numbers.
Nothing Nact have done in opposition (fiscally incompetent and politically corrupt) would return them to government and globally an embarrassment.
“Can the Government politically risk removing that fuel subsidy?”
They can, but will they? Somehow I doubt it.
NZ still only suffering from ‘gouging inflation’…we need price controls based on purchase cost of item plus say 5percent profit(which is more than most foreign grocers run on) and the retailers can whine bitch moan and then suck it up….no reason why veggies grown here and sold here should be ‘world prices’ especially when supply chain issues make their export difficult….see how cheap avvos have been this year…they need the storage for this years crop so last years gets flogged off.
We had a chance to do everything we should have with massive corona borrowing but we blew it. Again.
” 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 ”
I this scenario carries out then the dire circumstances we will find ourselves in at this time next year will have a major impact on the next government elected. We have not had this kind of economic pain since 1991-93.
Unforeseen events have not yet materialised but any serious economic pain is always a deciding factor anr the sideshows like Shakespeare and Idiot boy island has vanished from the landscape.
” 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 ”
I this scenario carries out then the dire circumstances we will find ourselves in at this time next year will have a major impact on the next government elected. We have not had this kind of economic pain since 1991-93.
Unforeseen events have not yet materialised but any serious economic pain is always a deciding factor and the sideshows like Shakespeare and Idiot boy island has vanished from the landscape.
1929. In 1991-93 the world did not have covid and a potential total war.
” In 1991-93 the world did not have covid and a potential total war ”
Well we did have the gulf war 1990-91 but it was a totally different conflict than Russia Ukraine. Yes no pandemic but I was thinking more about our own severe economic position which was not caused by overseas events but by the damage inflicted by neo liberal economics.
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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