“Retail sales growth jumps in November but lags far behind inflation”

Dec 8, 2022 | High Street

So here’s a slightly tricky one to get your head around. Retail sales were up in November, but not really up as they went up by less than inflation; which means they’re really down. Now, the Bank of England should think this is good news, as the theory of both putting up interest rates and telling us everything is terrible, is that we won’t be able to afford to, or be frightened to go out and spend. So prices will come down to tempt us out and so reduce inflation. Is that going to bring down the price of oil and gas, which started this whole blooming inflation thing off? I don’t think so. Is it going to stop strikers striking? Unlikely. Will they all eventually get pay rises which will (theoretically, again) fuel inflation but mean they can put fuel in their cars? Yes, of course. When that happens just depends how much grief both sides inflict on us before they cave in and/or compromise. And my last question: have we seen it all before? Answers on a postcard before the next postal strike, please.

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