299
This is a clean hit (thelemmy.club)
submitted 1 day ago* by to c/worldnews@lemmy.ml
100 comments fedilink hide all child comments
 

https://x.com/IRI_Monitor/status/2112040304341598312

you are viewing a single comment's thread
view the rest of the comments
[+] -30 points 1 day ago (29 children)

What has the fuel price done about cost of living so far? UK here and I haven't really noticed anything changing. My mortgage continues to get cheaper relative to inflation, electricity has increased by so little it's also dropped relative to inflation. Not really noticed much change in the price of food either, we still spend less than £30 a week between the 2 of us.

Almost all of the cost of living is housing with everything else pretty much being pocket change in comparison. Just after I bought house prices appear to have started stagnating which is a bit annoying for the timing of it but should help bring the relative cost down for new buyers if it continues.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 29 child comments
    •
  • [–] 44 points 1 day ago (20 children)

    Literally every single thing that consumers use on a daily basis needs diesel to get to them. Oil goes up, diesel goes up, everything goes up.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 20 child comments
    •
  • [+] -24 points 1 day ago* (19 children)

    Sure, but its a tiny fraction of the total cost and diesel has only gone up a little bit. So maybe my oats cost a single penny more now? Oh no, they barely cost anything anyway.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 19 child comments
    •
  • [–] 39 points 1 day ago (18 children)

    tiny fraction of the total cost

    No, it is a large portion of the total cost.

    diesel has only gone up a little bit.

    Wew lad. It was 3.70 one year ago. Now it's averaging 6.20 in the US. That's a 60% increase.

    maybe my oats cost a single penny more now?

    My guy, you are in for the worst shock of your life within the next 6 months, lol. You are so blissfully unaware I honestly don't want to pop that bubble. I hope you have a good week.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 18 child comments
    •
  • [+] -15 points 1 day ago* (17 children)

    you are in for the worst shock of your life within the next 6 months,

    Heard that one before. Diesel has only gone up 40% here in the UK. Even if diesel was 100% of the cost (it isn't), that's a 40% increase in my oats? I mean realistically I would notice it in the shop and then continue to not care. Still doesn't really sound like that big of a problem compared to the cost of housing tbh.

    Quick edit: mentioned before about house pricing potentially dropping/stagnating here, is that happening elsewhere or is it still rising uncontrollably? Still short term but I hope it spreads into a longer term trend everywhere as that seems like it would help people a lot.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 17 child comments
    •
  • [–] 8 points 20 hours ago (5 children)

    Maybe your just really really really bad at noticing things. maybe "but it's not happening to me personally" is a terrible and inaccurate assessment of the global economy. Just food for thought.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 5 child comments
    •
  • [–] -1 points 18 hours ago (3 children)

    I have noticed where all my money goes throughout my life, and its not oil or products which require it. Its banks and landlords due to the high cost of housing.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 3 child comments
    •
  • [–] 2 points 16 hours ago (2 children)

    Do you eat food or wear clothes? Do you have to go places besides your backyard? Is there paint on your house? Plastic? Medical equipment?

    You seem extremely ignorant to the fact that oil is everywhere in our lives now. You're probably literally wearing an oil product at this very moment, lol.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] 0 points 15 hours ago (1 child)

    Those things all cost fuck all compared to housing. Oil is also only a small part of their cost unless you are buying oil.

    Its like that meme, I spend £5000 on caviar and £60 on everything else, someone help my family are starving. Except in this case its housing instead of caviar.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 1 child comment
    •
  • [–] 5 points 18 hours ago* (2 children)

    that’s a 40% increase in my oats?

    No, it's a 3.5% increase cost in your oats based on inflation numbers.

    It's not a lot, but for some people that's the difference between having oats today or having hunger for breakfast.

    You're really out of touch with how precarious people's lives are.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] 0 points 15 hours ago* (1 child)

    If we reduced the cost of housing by 1% you could buy more oats than you can eat. Even if the oats doubled in cost.

    Pay rise without housing going up by as much or more would also have a similar result.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 1 child comment
    •
  • [–] 2 points 14 hours ago

    Yeah no shit, but the price of housing keeps going up and the price of oats keeps going up. Both things are getting worse now, whereas before housing was expensive but you could at least still afford to eat.

  • permalink
  • fedilink
  • source
  • parent
  • [–] 18 points 1 day ago* (2 children)

    Right, it's only a 40% increase in the price of every good that requires transportation

    Before you factor in corporations taking advantage of the demand to gouge prices, which as surely as the sun rises, they will.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [+] -9 points 1 day ago

    it’s only a 40% increase in the price of every good that requires transportation

    No, it isn't. Fuel isn't 100% of the cost of products, it isn't even 100% of the cost of transporting them as you have workers and maintenance costs too. Fuel is actually a pretty minor cost of products overall.

  • permalink
  • fedilink
  • source
  • parent
  • [–] 15 points 1 day ago (4 children)

    I dunno if this will put things in perspective, but this is by far the worst oil shock in history, lol.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [+] -8 points 1 day ago (3 children)

    I don't buy oil though, and as I said already housing is vastly more expensive than anything else. Oil isnt making housing more expensive.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 3 child comments
    •
  • [–] 15 points 1 day ago (6 children)

    Oil has an outsized impact on how inflation is measured, so prices not growing faster than inflation when oil prices are high still leaves lots of room for them to grow rapidly. As well as that, for most people, things going up in price is already a problem whether or not inflation is higher, especially when inflation's so far above the target rate of 2%. If it was just a short blip of inflation being above 2%, then it wouldn't be so bad, but because it was really high for a while, lots of people already burned through any buffer they had.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 6 child comments
    •
  • [+] -13 points 1 day ago (5 children)

    Even in absolute terms I don't really see much difference in things I buy. Mortgage is much more than everything else combined and its a fair bit lower than it was 3 years ago in absolute and relative to inflation value.

    The only stuff I kinda want that is going way up is stuff like GPUs or memory. Which let's be honest, you can live without just fine.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 5 child comments
    •
  • [–] 16 points 1 day ago* (4 children)

    Yeah what modern person needs a computer anyway?

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [+] -9 points 1 day ago (3 children)

    Exactly. Its clearly a luxury that you can manage without or getting a cheaper lower spec one

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 3 child comments
    •