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Author Topic: How much was $10 in 1970? Richard Fowler Film God Posts: 2392 From: Ft. Lauderdale, FL, USA Registered: Jun 2001 posted 09-27-2004 09:55 AM                     The more important question is what the dollar and the act of faith behind it be worth in the next five years  |  IP: Logged John Pytlak Film God Posts: 9987 From: Rochester, NY 14650-1922 Registered: Jan 2000 posted 09-28-2004 08:06 AM                        Inflation has already hit hard in Rochester, with food and fuel increasing at double digit rates in the last year. But we were able to refinance our mortgage from an adjustable rate to a low fixed rate.  |  IP: Logged Leo Enticknap Film God Posts: 7474 From: Loma Linda, CA Registered: Jul 2000 posted 09-28-2004 08:33 AM                        There has been very little in terms of obvious effects of price rises in the UK, yet, despite the rising oil costs and interest rates having increased from a 40-year low of 3.5% to 4.75% over the course of the last year. I would guess that, in the short term, oil price increases will have a smaller immediate impact in Europe than in the US, because in most European countries, around 60-80% of the cost of petrol (gasoline) and Diesel at the pumps is tax. To put that in perspective, an increase in oil prices of 50% translates into a 10% increase in what the consumer pays. But it's certainly exerting upward pressure on inflation, and at a time when the UK economy is particularly vulnerable to it. More inflation means higher prices for essential goods and services, so therefore people spend less in other sectors of the economy, thereby forcing it to contract. We are also especially vulnerable to a collapse in property prices: the cost of houses has gone up by 400-500% in the last six years (many of the reasons for that are the result of political decision-making, so for obvious reasons I'm not going to raise them on this forum), and many people took out very big mortgages at a time when interest rates were at historic lows. There are real fears that serious inflationary pressure (i.e. leading to significant rises in interest rates) now could therefore tip the housing market over and take the rest of the domestic economy with it. In short, nothing terrible has happened as yet here, but the inflationary pressure which is likely to be caused by these recent oil price increases is not welcome news, to put it mildly.  |  IP: Logged

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