that is our forecast that we get to exactly 10% year on year injuly and some of our fellow economists don t think it is quite that bad they say nine point 8% perhaps but 9.8, ten, these are incredible figures that even a few months ago we would have found hard to believe. yesterday we had the labour market numbers and the wages and they were up as well. so 10% inflation and wages at 5% that is a painful situation for uk households. we 5% that is a painful situation for uk households.- 596 that is a painful situation for uk households. we saw the bank of england for uk households. we saw the bank of england predict - for uk households. we saw the bank of england predict this . bank of england predict this and they are trying to increase interest rates to try and stifle the inflation is that what we will see more of you think? more hikes in interest rates from the bank of england? more hikes but we have had quite a few already. the base rate has risen to 1.75% so the b of e is probably
is very high, the later labour market is very tight and that adds to pressure on business.- to pressure on business. and the inflation rate to pressure on business. and the inflation rate of to pressure on business. and the inflation rate of course, - to pressure on business. and the inflation rate of course, varies, l inflation rate of course, varies, depending on an individual households circumstances. yes. depending on an individual households circumstances. yes, it did and we households circumstances. yes, it did and we published households circumstances. yes, it did and we published new - households circumstances. yes, it l did and we published new estimates the morning looking at different households an how they are affected. as you might expect lower households are facing higher costs for their basket of goods but the thing that struck out in this morning s numbers is that social renters are facing a hiring inflation rate that private renters or homeowners. can hiring
wind will blow. that s what brian said. the godfather pulled back for one more big screening. all good selections. brian: i thought the question was a sequel. now, now. you ve got to open your ears. you go my fault. we can expand your mind. open your ears. everything makes sense. that s the of the economy makes sense. just-released producer prices up 9.8% year-over-year. a tiny bit lower than a 10.4% expected. this report follows yesterday s consumer price index which showed retail inflation is still near a 40-year high. here to react, economists even more. why do you think about that number? i m going to use i kind of analogy. let s say that you were to apply it to them very, very, very peak of the top of mount everest. and then, you went down about 4.
haven t been able to say that in a really long time because of the numbers you re seeing on your screen there, because of gas prices. and the chart for ppi, the factory level inflation, very clearly shows a rounding out even more clearly than on the consumer inflation number that we saw. these are two numbers this week that i think are pretty encouraging, taken with the jobs report, from last week, it shows you an economy that is still strong for people who are in the job market, but for consumers, runaway inflation seems to be cooling. we were joke earlier, to say 9.8% is good news, i never would have believed i could say that in my lifetime. they re still high numbers. but where are they going from here? does it mean the fed doesn t have to raise rates that much? maybe. but the fed has a lot of work to do. it will be a long time before we get back to 2% inflation, something healthy and sustainable. there is a lot more work for the fed to do here. the feeling is if you look on wal