Pay rise 2.2%
…and given the amount I spend on alcohol, my “personal” inflation rate is probably much higher.
Although I don’t really agree with the idea of personal inflation rates. First of all, “personal” inflation rates ignore substitution effects. If one good I’m accustomed to buying becomes significantly more expensive, I can switch to one which has not. That is the sort of thing which is ignored in “personal” inflation rates.
Secondly, far too many people confuse relative price changes, which have nothing to do with inflation, with general price changes, which is inflation. For example when oil shoots up in price people start talking nonsense about how hyperinflation is on the way. But if oil gets mroe expensive relative to other things, then it just gets more expensive. That’s not really inflation.
Anyway, I’m doing my best to keep my wages as sticky as possible, so I’ll keep you all updated.