Bank of England economist Huw Pill recently said Britons should stop seeking pay increases and “accept” they are worse off in order to prevent prices rising further. Karen Trainer, the manager of a community centre and shop in Wolverhampton, a city with the highest poverty rate in England, could barely contain her anger as she watched the news.
Sure. I’m just pointing out that inflation has multiple factors driving it (and it is understood “inflation expectations” are in fact one of the biggest drivers of inflation, which is not a price mechanism but a purely psychological phenomenon!) yet the majority of media articles I see about inflation place the blame at the much delayed wage gains we have been seeing these past two years, not the spike in corporate profits.