Inflation

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  • Hi! Can I have a burger please?
  • Of course! That will be £50. Cash or card?
  • That's ridiculous! I can't afford that on my salary! My standards of living are decreasing.
  • Sorry, madam, there's nothing I can do.
  • ...So, you see, we can't afford to buy the things we need to survive. Can we pleeaase get a raise?
  • Well, I suppose we have to! We have to keep our employees alive at least. That does mean we will have to lay off a couple of workers and increase our prices to maintain our stellar profit margins.
  • After an economic crisis, hyperinflation has started in the UK. Prices are rising quickly, and wages and salaries are delayed.
  • Oh no! Prices have risen even more! The wage spiral is in action!
  • Because of the increased prices, everyone's real income, or purchasing power, is decreasing. This means they can afford less with the money they earn.
  • To keep up with the increased prices, people have had to go to their employers to ask for higher pay. To keep up with these increased labour costs, as well as increased costs of raw materials, they have had to increase prices as well as laying off employees.
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