UK faces tough winter as prices remain high
In Gloucester Market, the packs of 12 Christmas cards that normally cost £1, which were recently pushed up to £1.50, are now selling at £1.99.
And yet in global markets there are the smallest signs that the initial reasons behind the spike in inflation a year ago, post-pandemic supply chain problems, are starting to turn. It can be seen most clearly in the used car market, which was among the very first harbingers of the broken supply chain inflation spike, and is now leading the falls. The more relaxed approach to China's "zero Covid" lockdowns has also meant there is some light at the end of the tunnel about prices.
Energy remains tough, but much will depend on tomorrow's announcements from the chancellor at his Autumn Statement. I expect that we will hear not just about a more targeted scheme of support, but also about the rollover of some of the welfare-related support schemes that were due to end in April under Liz Truss' plans.
But undoubtedly some above-average households, that do not consider themselves to be "rich", will be facing less protection from the cold winds of the international energy markets and the war in Ukraine. So prices will stay very high for a few months at least, as it takes some time for these global factors to feed into everyday prices.
Danmark Seneste Nyt, Danmark Overskrifter
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