Wages & Inflation: we’re not hearing the whole conversation*
Despite the Bank of England’s continuing obsession that wage rises cause inflation in reality no pay offer to a significant group of workers is anywhere near 10%. Meanwhile food price inflation with basic things like milk, bread and cheese, continues to soar. Food price inflation is currently as high as 18.3% in some areas. Far from supermarkets doing all they can to cap prices they are hiking what were their lower priced ‘value’ ranges. Their profits remain excellent.
In reality a key cause of inflation is Greedflation, the making of unchecked excess profits by energy companies,banks and supermarkets.
You may see some discussion of this in the media but what you won’t see alongside is coverage of why workers wage demands are therefore fully justified. Greedflation goes hand in hand with real term wage cuts.
*As the historian E P Thompson once noted in another context, we’re not hearing the whole conversation here
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