- airfibre
- May 12, 2022
- 5:57 pm
Since 2008
Measuring Personal Inflation – Get a grip…
Noting a press article yesterday outlining how Putin is planning for an extended war on the premise that the economic coalition waged against Russia will breakdown over time, I am inclined to predict that the inflation we face today is going to hang around for longer than the pundits are predicting.
Inflation in Ireland is running at 6.7% against a generally increasing trend over the past year.
It will rise further. But it will not last forever and, if we have another year or so to go, it will nevertheless ultimately fade in the memory.
I recall in the mid 1970s, 25% per annum inflation eating into my Saturday job money. I remember using manual scales in the greengrocers where I worked that required me to multiply the result because the price of spuds, etc. had literally gone of the scale (and we had ½ pennies!). Whilst this did wonders for my mental arithmetic the misery that inflation causes can be substantial and so we all must and can play our part in tempering it.
Today’s inflation is different. It is fuelled primarily by energy prices and secondarily by opportunistic speculators that think it is good business practice squeeze the pips and bung on price increases for no other reason than the overall measure of inflation is heading towards 10%.
This is dangerous. It is stupid. And it must not be allowed to go unchecked.
It is important to recognise that whilst the overall inflation rate is heading towards 10%, individuals’ inflation varies. If you don’t have a car your personal inflation is lower (I check out petrol prices around the area the day before I need it and take the cheapest option!). The same applies if you eat local seasonal fresh produce, avoid air travel and frequent pubs & restaurants less often.
As with individuals businesses, have a duty to examine their own personal inflation. Energy, for example, is a cost centre amongst many but it is rarely the predominant business expense. Businesses must therefore determine the overall increase in costs before deciding whether increases in prices and charges are justified.
Where higher costs can be absorbed for the short to medium term it is incumbent upon business managers to do so and insist that their suppliers in turn share the pain. And having made the sacrifice, shout out loud that you have done so in order to win favour and persuade others (including your competitors) to do the same.
ENERGY PRICES WILL FALL AS DRAMATICALLY AS THEY HAVE RISEN.
And, do not be surprised if the increases imposed in panic remain in perpetuity – thereby permanently adding to the cost base of our economy and making us all less competitive.
This is not the Government’s problem to fight alone.
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