{"id":20787,"date":"2021-03-11T16:26:43","date_gmt":"2021-03-11T16:26:43","guid":{"rendered":"https:\/\/smh.group\/?p=20787"},"modified":"2021-03-11T16:26:44","modified_gmt":"2021-03-11T16:26:44","slug":"inflation-at-a-turning-point","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/","title":{"rendered":"Inflation: at a turning point?"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>We could see a jump in inflation soon.<\/strong><\/h3>\n\n\n\n<p>The pandemic has posed problems for the Office for National Statistics (ONS) when it comes to calculating the rate of inflation. For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><em><strong>How do you measure the price of an item or service when a lockdown means it is not for sale?<\/strong><\/em> Two good examples are the \u2018Restaurants and hotels\u2019 category, which in 2020 took up almost 12% of the Consumer Prices Index (CPI) and the \u2018Package holidays\u2019 subgroup of the \u2018Recreation and culture\u2019 category which had a 4.2% weighting in the Index. In February 2021, the ONS said that in the previous month it had managed to collect only 88% of the prices it had collected before the first lockdown.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><em><strong>Are the right items and services being measured?<\/strong> <\/em>All inflation indices measure the prices of a \u2018basket\u2019 of goods and services. The ONS reviews and amends that basket each year to reflect changing spending patterns. This is often a source of humorous headlines, such as the replacement of crumpets by individual fruit pies last year.<\/li><\/ul>\n\n\n\n<p>The new \u2018basket\u2019 for 2021 would normally have been based on expenditure in 2019. However, that was in the pre-pandemic era and spending patterns changed in 2020, as we all know. The ONS has therefore created a special 2021 \u2018basket\u2019 that uses data from both 2019 and, where there have been significant changes, 2020. As a result, the weighting for \u2018Restaurants and hotels\u2019 and \u2018Recreation and culture\u2019 have both fallen while those for \u2018Food and non-alcoholic beverages\u2019 and \u2018Alcoholic beverages and tobacco\u2019 have risen. Eating and drinking in is the new dining out\u2026<\/p>\n\n\n\n<p>Annual inflation over the last ten years to January 2021 has averaged 1.8%, as measured by the CPI, which means overall prices have increased by almost a fifth since 2011 \u2013 bad news for anyone with a fixed income.<\/p>\n\n\n\n<p>Although 2021 started with annual inflation of 0.7%, by May the figure is likely to be nearer to 2% as a result of price rises already built in. These include the 9.2% rise in capped gas and electricity bills and council tax increases of up to 5%.<\/p>\n\n\n\n<p>For all the problems of pandemic measurement, inflation is still out there and needs to be built into your financial plans. Contact our team of <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\">Financial Advisers<\/a><\/span><\/strong> on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong> if you need any help.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pandemic has posed problems for the Office for National Statistics (ONS) when it comes to calculating the rate of inflation.<\/p>\n","protected":false},"author":4,"featured_media":20789,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[742,498,77,237,696,436],"class_list":["post-20787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-consumer-price-index","tag-covid19","tag-financial-planning","tag-inflation","tag-lockdown","tag-ons"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inflation: at a turning point? - SMH Group Financial Services<\/title>\n<meta name=\"description\" content=\"The pandemic has posed problems for the Office for National Statistics (ONS) when it comes to calculating the rate of inflation.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation: at a turning point? - SMH Group Financial Services\" \/>\n<meta property=\"og:description\" content=\"The pandemic has posed problems for the Office for National Statistics (ONS) when it comes to calculating the rate of inflation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-11T16:26:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-11T16:26:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png\" \/>\n\t<meta property=\"og:image:width\" content=\"769\" \/>\n\t<meta property=\"og:image:height\" content=\"511\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"Inflation: at a turning point?\",\"datePublished\":\"2021-03-11T16:26:43+00:00\",\"dateModified\":\"2021-03-11T16:26:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/\"},\"wordCount\":377,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png\",\"keywords\":[\"consumer price index\",\"covid19\",\"financial planning\",\"inflation\",\"lockdown\",\"ONS\"],\"articleSection\":[\"SMH Financial Services\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/\",\"name\":\"Inflation: at a turning point? - SMH Group Financial Services\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png\",\"datePublished\":\"2021-03-11T16:26:43+00:00\",\"dateModified\":\"2021-03-11T16:26:44+00:00\",\"author\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"description\":\"The pandemic has posed problems for the Office for National Statistics (ONS) when it comes to calculating the rate of inflation.\",\"breadcrumb\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#primaryimage\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png\",\"contentUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png\",\"width\":769,\"height\":511},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Inflation: at a turning point?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\",\"name\":\"SMH Group\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\",\"name\":\"Brendan Hall\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"caption\":\"Brendan Hall\"},\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Inflation: at a turning point? - SMH Group Financial Services","description":"The pandemic has posed problems for the Office for National Statistics (ONS) when it comes to calculating the rate of inflation.","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"Inflation: at a turning point? - SMH Group Financial Services","og_description":"The pandemic has posed problems for the Office for National Statistics (ONS) when it comes to calculating the rate of inflation.","og_url":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/","og_site_name":"SMH Group","article_published_time":"2021-03-11T16:26:43+00:00","article_modified_time":"2021-03-11T16:26:44+00:00","og_image":[{"width":769,"height":511,"url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png","type":"image\/png"}],"author":"Brendan Hall","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Brendan Hall","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#article","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/"},"author":{"name":"Brendan Hall","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"headline":"Inflation: at a turning point?","datePublished":"2021-03-11T16:26:43+00:00","dateModified":"2021-03-11T16:26:44+00:00","mainEntityOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/"},"wordCount":377,"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png","keywords":["consumer price index","covid19","financial planning","inflation","lockdown","ONS"],"articleSection":["SMH Financial Services"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/","url":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/","name":"Inflation: at a turning point? - SMH Group Financial Services","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website"},"primaryImageOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#primaryimage"},"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png","datePublished":"2021-03-11T16:26:43+00:00","dateModified":"2021-03-11T16:26:44+00:00","author":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"description":"The pandemic has posed problems for the Office for National Statistics (ONS) when it comes to calculating the rate of inflation.","breadcrumb":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#primaryimage","url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png","contentUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Inflation.png","width":769,"height":511},{"@type":"BreadcrumbList","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/inflation-at-a-turning-point\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/devstagesite.co.uk\/smhgroup\/"},{"@type":"ListItem","position":2,"name":"Inflation: at a turning point?"}]},{"@type":"WebSite","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website","url":"https:\/\/devstagesite.co.uk\/smhgroup\/","name":"SMH Group","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e","name":"Brendan Hall","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","caption":"Brendan Hall"},"url":"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/"}]}},"_links":{"self":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/20787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/comments?post=20787"}],"version-history":[{"count":0,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/20787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media\/20789"}],"wp:attachment":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media?parent=20787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/categories?post=20787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/tags?post=20787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}