Martin Lewis slams ITV’s Autocue team for exaggerating falling inflation amid cost of living crisis

Martin Lewis angrily slammed ITV’s Autocue team on Good Morning Britain today for “overdoing a fall in inflation”.

The money expert appeared on the show today where he first said inflation fell in August before admonishing his team for the line as he revealed it fell from just 10.1 per cent to 9.9 per cent while groceries the fastest of all commodities.

The consumer expert was reading his headline about inflation and co-host Susanna Reid had started speaking before Lewis cut him off to show his annoyance with the Autocue team.

He said: “Classic problem when reading an autocue. We say inflation fell in August – 10.1 to 9.9 percent is practically negligible in the current context.

Money expert Martin Lewis furiously blasted ITV’s Autocue team on Good Morning Britain today for “overdoing a fall in inflation”.

He interrupted co-host Susanna Reid to admonish the program's autocue team for what they told him

He interrupted co-host Susanna Reid to admonish the program’s autocue team for what they told him

“Prices are still up 10 percent year-on-year.”

He added: “To the people who set up the autocue, please stop saying ‘fall’ as if there’s been a massive fall.

“It’s about the same as it was and it’s going to get worse in October.”

The finance mage, who sold his startup MoneySavingsExpert for around £87m in 2012, explained that products that cost £100 last year will cost £110 this year.

He said it showed the

He said it showed the “classic problem of reading an autocue” and asked the authors to “stop saying ‘fall’ as if there had been a massive drop”.

How the cost of groceries has increased over the past year

The figures are based on the Consumer Price Index (CPI) inflation measure and were released by the Office for National Statistics.

Each figure is the percentage change in average price over the 12 months ended August 2022.

  • Low-fat milk 40.4%
  • butter 29.5%
  • Jams, marmalades and honey 29.1%
  • Olive oil 26.6%
  • Margarine and other vegetable fats 25.6%

He said if it went up another 10 per cent the same product would cost £121 next year.

Despite Martin’s apparent frustration, the tiny drop came as a surprise and a welcome economic boost for Liz Truss’ new government, even though the current rate is still close to a 40-year high.

The Office for National Statistics said the main cause of the drop was a drop in gasoline and diesel prices.

Alice Haine, a personal financial analyst at DIY investment platform BestInvest, has commented on the slight “slump” in inflation.

She said: “The surprise drop in inflation from 10.1 per cent in July to 9.9 per cent in the 12 months to August is largely due to falling fuel prices as motorists finally feel a pause at the pump.

“While a drop in inflation, albeit minimal, may sound like an improvement, consumers can’t relax just yet.

“Household finances are still being eroded by skyrocketing food prices along with food and soft drink prices.”

She said the “good news” was that Prime Minister Liz Truss’ move to freeze energy bills for typical households to £2,500 this winter and next is likely to bring prices down marginally.

Alice Haine is a personal finance analyst at the DIY investment platform BestInvest.  She said:

Alice Haine is a personal finance analyst at the DIY investment platform BestInvest. She said: “The surprise drop in inflation from 10.1 percent in July to 9.9 percent in the 12 months to August is largely due to falling fuel prices as motorists finally feel a pause at the pump (PA Graphics).

Inflation FALLS from 10.1 percent to 9.9 percent thanks to a drop in fuel prices, but remains near a 40-year high on rising food and clothing costs

The CPI inflation rate fell to 9.9 percent in August from 10.1 percent in July, the Bureau for National Statistics said.

The surprise drop is a small but welcome economic boost for Liz Truss’ new administration, although the current rate is still close to a 40-year high.

The ONS said the biggest cause of the drop was a drop in petrol and diesel prices.

The 6.8 percent drop in fuel prices was the highest since March-April 2020, the early days of the pandemic, when oil prices briefly turned negative in some markets.

But it also warned that food prices are keeping the rate high as they continue to rise.

The ONS said the biggest cause of the drop was a drop in petrol and diesel prices.

But it also warned that food prices are keeping the rate high as they continue to rise.

But it also warned that food prices are keeping the rate high as they continue to rise.

In today’s inflation update, the ONS noted: “The fall in the annual inflation rate in August 2022 mainly reflected a fall in motor fuel prices in the transport part of the index.

“Smaller, partially offsetting, upside effects came from price increases in groceries and non-alcoholic beverages, miscellaneous goods and services, and clothing and footwear.”

It added: “The annual rate for motor fuels fell from 43.7 percent to 32.1 percent between July and August 2022. This is mainly because petrol prices have fallen by 14.3 pence per liter between those months.

“A year ago, between July and August 2021, petrol prices rose by 2.0 pence per liter. Diesel prices also contributed to the rate change, falling 11.3 pence per liter this year compared with a rise of 1.5 pence per liter a year ago.’

The think tank Institute for Public Policy Research (IPPR) said more government intervention was needed to prevent “more poverty and more misery” as a result of rising prices.

dr George Dibb of the centre-left think tank said: “Many people will welcome a slight moderation in CPI inflation this month… including the Bank of England which decides on a rate hike next week.

“However, this headline figure was dragged down by falling fuel prices and it hides worrying news that food and clothing prices continue to rise.

“High inflation means high prices and without intervention this will lead to more hardship, more poverty and more misery.

“The government’s price cap on energy for households and businesses is a welcome move, but it will not immediately reduce inflation in essentials like food and clothing that we see today.”

Overall unemployment fell to 3.6 percent, its lowest level since 1974.

Overall unemployment fell to 3.6 percent, its lowest level since 1974.

The number of people registered as long-term sick reached a record high in the three months to July, the Office for National Statistics (ONS) announced today.

The number of people registered as long-term sick reached a record high in the three months to July, the Office for National Statistics (ONS) announced today.

It comes after unemployment fell to its lowest level in almost half a century yesterday – albeit buoyed by increasing numbers of people saying they are too ill to work.

The number of people registered as long-term sick reached a record high in the three months to July.

Overall unemployment fell to 3.6 percent, its lowest level since 1974. But the employment rate also fell and remains below pre-Covid levels.

The ongoing major pressure on Brits was revealed when figures also showed a drop in wages.

Although regular wages – excluding bonuses – rose 5.2 percent in the quarter to July, it lagged far behind inflation.

Factoring in the rising headline CPI rate, wages fell 3.9 percent year-on-year, while headline wages fell 3.6 percent.

The latest snapshot came after inflation rose to a new 40-year high of 10.1 percent in July as energy and food bills pushed up costs.

The Government’s move to freeze energy bills at £2,500 should rein in rampant hikes and could ease pressure on the Bank of England to raise interest rates.

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