Is inflation making a comeback?
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 4 November 2021
⏱️ 18 minutes
🧾️ Download transcript
Summary
Inflation has hardly been seen in the developed world economies for the last three decades. But now some economists are warning it could be returning with a vengeance, because of supply chain problems, post-Covid exuberance, and higher wage demands. What is going on, and should we all be worried? We hear opposing views from Claudia Sahm, former economic adviser to the Federal Reserve and the White House, Steve Hanke of Johns Hopkins University, and Andrew Sentance, senior adviser at Cambridge Econometrics and a former member of the Bank of England's Monetary Policy Committee.
Image: Full shopping cart in supermarket aisle (Credit: Getty Images).
Transcript
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| 0:00.0 | Hi there, I'm Ed Butler. Welcome to Business Daily from the BBC. Today, inflation, the economic scourge of decades passed. |
| 0:10.9 | Is it making a comeback in the rich Western world? We offer some rival opinions. |
| 0:17.2 | Buying a new home or an apartment or renting an apartment is going to see sticker shock. |
| 0:23.2 | Interest rates are going to go up. |
| 0:24.9 | So your mortgages will come in at a lot higher interest rates. |
| 0:28.6 | Your credit card interest rates will probably go up. |
| 0:31.7 | We are coming out of a pandemic that has lasted for over a year and a half, |
| 0:37.7 | and yet we are recovering. |
| 0:40.6 | The problems are going to recede. |
| 0:43.4 | Inflation, month over month, is stepping down. |
| 0:48.0 | Oh, will it? |
| 0:49.0 | Business Daily from the BBC. |
| 0:53.3 | With British workers increasingly returning to their offices, their shops and other places of |
| 0:59.3 | work over the last couple of weeks, some of them, a couple of million in fact, now have |
| 1:04.7 | cause to celebrate. |
| 1:06.2 | The UK governments decided to raise its national minimum wage by whopping 6.5%. |
| 1:12.7 | It's good news for everyone, really, especially people that works in care works and cleaning |
| 1:18.7 | jobs and things like that. Well, it's a shame it's not more, but it is going to help, yeah. |
| 1:22.6 | I think it's good to be honest, because with that money adding up, it's going to do a lot for a lot of people. |
| 1:28.4 | Minimum wage has to always increase, to be honest. |
| 1:30.8 | Raising the minimum wage, also known as the national living wage in Britain, may be long overdue. |
| 1:36.6 | There have been cuts recently in benefits for low wage earners. |
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