RE:RE:How ironic robert41 wrote: They are lining my pockets too and could have been lining yours. I'll tell you this the oil price is not the biggest problem is the cost of rent or where your mortgage payment ( if you have one) has gone in the last year is the biggest problem with inflation.
maybe do some research oil is one of the biggest driver's of inflation higher rent costs is just one of many after effect's it can become an out of control spiral every thing goes higher, we see now with all the strikes wages too are going higher.
What really drives inflation?
That is because the causes of inflation lie outside the labour market. Economist Joseph Stieglitz has shown in a study that current inflation is clearly supply- and profit-driven. This can be traced back to supply chain difficulties, sector-specific shortages of energy and agricultural products caused by the pandemic and the war in Ukraine. In these circumstances, central bank monetary policies may prove inadequate: ‘Just because the US Federal Reserve has a hammer, it shouldn’t go around smashing the economy’ wrote Stiglitz .
As supply tightens, higher interest rates stifle necessary investments. Economist Grace Blakeley argues that sometimes the cure, whereby unemployment has to be accepted as a necessary evil, is worse than the disease. For example, a study from 2022 entitled Who Killed the Philips Curve? A Murder Mystery shows that in the 1970s, 87 per cent of the fall in inflation was not down to interest rate policy but rather trade union repression. The real drivers of inflation are companies’ rising profit margins – in other words, windfall gains – as well as high energy prices. Curbing energy prices would bring down inflation. We are thus facing a price–profit spiral.