it s only a matter of time until the bubble bursts that prices plummet, that house prices become more affordable. but year on year they continue to rise. here in the uk, the latest data from nationwide today revealed that the average price of a home rose by 14.3% over the last year the biggest annual rate of growth in more than 17 years. and it s a similar situation in the us. the average house price went up 17% last year, the strongest annual rise in at least two decades and is expected to rise a further 10% this year. on average, a house in the uk now costs almost $350,000. in the us, it s around $375,000. josh ryan collins is head of finance and macroeconomics at the ucl institute for innovation and public purpose. thank you forjoining us. let me ask you first of all, what is the
to help us break this down, mitch roschelle, great to have you. where are we as a country right now economically? your view? mitch: right now i m in michigan and the university of michigan last week published their consumer sentiment survey and it was a ten-year low, so trace, where we are is the consumer is feeling tremendous fatigue with rising prices and no end in sight to rising prices and the lack of a policy decision other than what the fed is doing to raise interest rates really has regular consumers which drive the economy very worried about the economy going forward. trace: yeah, i want to put this up on the screen. this is the food prices, you talk about food prices going up with no end in sight. i want to put the food prices. it really does. you have bacon up 18, almost 19%, beef 16 plus, oranges 14.3, pork 14, chicken 12, crackers
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ahead and raise interest rates now, but we have all this uncertainty around the omicron variant, we don t know what is going to happen to the economy. and that is why, on balance, we think they will wait at least until february, assuming that hopefully the worst of the omicron situation is behind us by then. there is more upward inflationary pressure in the pipeline. the prices paid by manufacturers for raw materials were up by an average of 14.3%, the fastest rise since 2008. after the worst decade in two centuries for improvements in living standards, they are now once again falling. andyjoins me now. a big decision for the bank of england tomorrow on interest rates. that s right, and if you remember, we have had emergency low snout for around 13 years. they started to edge up just before the pandemic, and then they dropped to a record low of 0.1%. but as we were hearing there, it is quite unlikely they will raise them tomorrow, and the
to avoid public transport. on the financial markets, they re betting the bank of england will have to raise the official interest rate from a record low of 0.1%, but maybe not straightaway. normally, i think that would be a green light to go ahead and raise interest rates now, but we have all this uncertainty around the omicron variant. we don t know what is going to happen to the economy as a consquence in the next couple of months. and that is why, on balance, we think they will wait at least until february, assuming that hopefully the worst of the omicron situation is behind us by then. there s more upward inflationary pressure in the pipeline. the prices paid by manufacturers for raw materials like metals were up by an average of 14.3%, the fastest rise since 2008. after the worst decade in two centuries for improvements in living standards, they are now once again falling.