Inflation Is Back As Prices See Biggest Rise Since Records Began

Money Tips Daily by Charles Kelly, former IFA and author of

Consumer price rises in the UK saw the highest leap since records began in 1997 as the economy opened up following several lockdowns.

According to official government figures, the increase in the cost of living, as measured by the Consumer Prices Index, reached 3.2% (50% above BOE target) in the year to August, the highest since 2017.

Rising prices for food, petrol and used cars were up from 2% the previous month.

The main weapon employed by central banks to curb inflation is to increase interest rates. However, this will also increase their own government’s interest payments on the trillions of Pounds, Dollars and Euros they have created to prevent a covid recession and stock market crash.

One thing that’s certain to go up is tax! Tax hikes, like the tax on landlords, to pay for the billions in financial stimulus to rescue the economy during the last year.

How are you adapting to the ‘new world order’?

The world of business has changed and unless you adapt your business will decline.

What can you do to take advantage of the changes rather than hoping things will go back to ‘normal’ again? They won’t.

The biggest revolution is the explosion in online trading and social media marketing.

Businesses which have adapted have boomed while others are no longer in business.

Can you make money on social media?

I notice that kids are very good at creating videos and posts on social media. Unlike me, they have grown up with IT and social media, but that doesn’t mean us oldies can’t get in on the act!

We can all learn to not only how to use social media,

but also how to make money on social media…

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