Cost of Living: What is the impact of core inflation's rise to 7.1% on households?

Core inflation, which strips out volatile elements such as fuel and food, rose in May, the ONS data shows.

It ticked up from 6.8% to 7.1% in what will be a significant worry for the Bank of England and the government.

As a result, interest rate projections have increased and interest rates are expected by investors to peak at 6% next March, but could reach the new high as soon as December.

#ukinflation #bankofengland #skynews

[TheMemeCommander]

I like how they blame the wages of employees who can't afford to eat, and not the billions in record profits that huge exploitative corporations are making. 😒

[charlievaughan]

Blames inflation on Ukraine while standing in front of a graph showing it was already 6% before that 👍🤣

[GaryABArmstrong]

No, inflation was kicked-off by excessive government spending and low levels of productivity.

[andrewcoulson]

The system is outdated and broken. Time for a complete change

[mshadow]

I can see the price jumping up more than 8.7% in supermarket and restaurants. I also don‘t see I am having 7.2% increment in my salary

[MrLaking]

the tories the gift that keeps on giving

[ghdfhsfnfgbadfhsfh]

Graph starts from impact of Brexit not war in Ukraine.

[rogerhudson]

The core inflation 'basket' is a joke but it does include lots of things one can do without, pop festival tickets for example. We need an 'essentials ' inflation index.

[neverdiminished]

How statistically significant is the difference between 8.4 and 8.7 in this context?

[lugano]

The wages of the ultra-wealthy, the CEOs and the Boards of Directors have contributed mightily to inflation. They should be seriously reduced.

[FaceDownFemi]

Bird's-eye cod fish fingers are now £8.25 in Iceland. There's quite a few in there but that's ridiculous for fish fingers.

[AgentGreyFox]

This inflation is supply led and not demand driven. People can't reduce consumption of needs like food and energy. It needs government policy, not BOE intervention.

[JimmyTimmy-whdz]

I don't remember learning in school how the economy works..funny that..I know my times table though so sorted

[amfearliathmor]

I try and do my bit for defeating inflation in the UK. Being quite poor helps the country out. I try and minimise how much currency I have in my bank account and try and limit how much of the debt base currency I spend into the economy. I don't have any Mortgage or Rent and no Debts and I try to capture the BoE currency (reduce the currency expansion of the supply from the Government and Central Banks) into a dead economic barbarous relic. Being of limited means it is only 1 Troy Oz of Au at a time every month.

[ianmorrison]

If inflation is currently at 8.7% and was previously at 11%, then why have many of my typical living costs - travel, energy, food, very recently increased in price, compared to when inflation was 11%?

[m.a.r.s.]

It's so sad. Why do we need the Bank of England? Why don't we print our own money? Why do we need the same old parties to tell us what we can and not do? People this will be your last chance!

[Ares]

How is this possible?? Wasn't Brexit the answer to all these problems?? Oh dear...

[johnbutler]

The bank manager was moaning about my debt. I told him to shut up or I will take my overdraft some where else.

[malicant]

It means that the state will print more funny money, probably.

[razkhan]

People on low income benefits are worse off by this government Tories party