Tuesday, August 19, 2014

Inflation defined

The year was 1967.

My weekly pay of GBP 35 added up to an annual salary of GBP 1,820.

That's the equivalent of about GBP 27,500 today, very close to the average salary of employees in the United Kingdom in 2014.

But I look at that amount... 1,820... with new eyes since for the past few weeks my daughter has been hunting for a flat to rent in London when she starts her studies next month.

Jessi and Kyra are looking for a furnished flat they can share.

They reckon they will have to pay 1,600 per month... not far short of what I earned per year back in the day when it was sufficient to maintain a family with a one-year-old baby.

Jus' sayin'.

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