Well, that's alright then...
A while back Rishi Sunak (our Prime Minister) laid five foundations for a better Britain. One of which was:
"We will halve inflation this year to ease the cost of living and give people financial security."
The massive hike in energy prices last year will fall out of the inflation measures later this year. Lower energy costs will see to that, and he was advised that to claim his Gov't would halve inflation was therefore sound. Except it doesn't, even on the wider rpi/cpi measure, look like that'll happen.
Inflation is proving to be, like this Government, difficult to shift.
Even if he delivered on that, two facts are obvious to every consumer.
First what you pay now is much, much more than you paid last year.
Those increases are locked in - reducing inflation doesn't reduce those increases and costs.
Second, where inflation hurts is in the increases you can't dodge - grocery shopping where prices have increased by 19% in the last year. Some people can cut back on their discretionary expenditure - one week in Disney World rather than two, lots of people don't have that luxury.
Much of our population would find it difficult to survive for more than three weeks if they lost their job. Savings (if you have any), built up during Covid are being rapidly drawn down and the amount we owe on credit is increasing.
Business is taking note. They're focusing on those with capital and spending power. Their high value products - luxury brands are doing very well - as are those companies profit margins. While you and I shop at Aldi and Lidl, others are being offered the good life - where there is no shortage and luxury is a right.
The days of Hollywood stars and glitter are long past, but not the lifestyle they portrayed. Just as when, during the Depression, Hollywood sold a dream, escapism reality (how ironic) tv, and social media now offers a similar escape from life's dull drudgery ...and the bills.
The wealth gap is increasing. If you're a homeowner - if you rent/ if you're a baby boomer/ if you're one of the Z generation/if you have saving/if you don't/ if you have qualifications/if you don't. These differences have existed before but now they're growing bigger and affecting a larger group of people.
And it would appear we don't know how to deal with that. Or more frighteningly, many of us don't care.