The Guardian reports that Which? Have noted supermarket prices show an increase of twenty five per cent over the last two years.

‘Two years of relentlessly soaring food prices have had a devastating impact on households,” said Sue Davies, the Which? head of food policy. “This isn’t helped by the confusing and inconsistent pricing practices used by some supermarkets, which make it incredibly difficult to work out how to find the best value products.’

Perhaps Which? Should take out a subscription to the Socialist Standard where it will discover that the ‘devastating impact on households’ is caused by capitalism.

The German owned Aldi and Lidl have the highest inflation figures , 19.3 per cent and 21.4 per cent. Across two years their inflation rate is verging on thirty five per cent.

The Office for National Statistics (ONS) inflation data for June is expected to show a rate of 8.2% from 8.7% in May. The Bank of England’s target remains at two per cent inflation. Are house buyers in for another kicking soon?

The ‘best value’ products will be those which are produced for use in a socialist society – because they will be free.

The tinkering with the practices of capitalist food providers benefit no one.

Think of the benefits to all if the effort expended in making the capitalist system more palatable to all was focused on bringing about socialism.

https://www.theguardian.com/business/2023/jul/15/uk-supermarket-food-prices-which-loyalty-card-deals

‘As corporate profits soar, the real income of workers in 38 wealthy countries has fallen by an average of nearly 4% over the past year, and the situation could deteriorate further as artificial intelligence and other forms of technology threaten to automate 27% of existing jobs in the same nations.

That’s according to the Organization for Economic Cooperation and Development’s (OECD) latest annual employment outlook which stresses the “urgent need to act.”

One of the report’s key findings is that in most high-income countries, labour markets have “stabilized” since the Covid-19 pandemic unleashed economic chaos more than three years ago. The OECD unemployment rate was 4.8% in May 2023, compared with 5.3% in December 2019. However, joblessness varies widely among the club’s members, from 12.7% in Spain to 3.6% in the United States and 2.4% in the Czech Republic.

Tight labour markets typically improve workers’ bargaining power, yielding wage gains. But despite historically low unemployment rates in many OECD countries, the report finds that real wages across the bloc declined 3.8% between the first quarter of 2022 and the first quarter of 2023.

Nominal wages increased 5.6% from Q1 2022 to Q1 2023, but that wasn’t enough to offset the ongoing cost-of-living crisis, the report indicates. As a result of high and persistent inflation—a phenomenon that many experts says is inseparable from corporate profiteering—real income decreased by as much as 15.6% in Hungary, 10.4% in the Czech Republic, and 0.7% in the United States.

Several earlier analyses have shown that since the Covid-19 pandemic and Russia’s invasion of Ukraine disrupted international supply chains—rendered fragile by decades of neoliberal globaliation—highly consolidated corporations have capitalised on myriad crises to justify price hikes that far outpace the rising costs of doing business, padding their bottom lines at the expense of working-class consumers.

The OECD’s new report also acknowledges that “profits have often risen more than labour compensation.”

As corporate profits soar, the real income of workers in 38 wealthy countries has fallen by an average of nearly 4% over the past year, and the situation could deteriorate further as artificial intelligence and other forms of technology threaten to automate 27% of existing jobs in the same nations.

“Going forward,” the report notes, “evidence suggests there is some room for profits to absorb further wage adjustments to recover some of the losses in purchasing power gradually without generating significant price pressures or resulting in a fall in labour demand.”

Workers’ incomes could take additional hits due to technology-induced automation.

“While firms’ adoption of AI is still relatively low, rapid progress including with generative AI (e.g. ChatGPT), falling costs, and the increasing availability of workers with AI skills suggest that OECD countries may be on the brink of an AI revolution,” the report states. “It is vital to gather new and better data on AI uptake and use in the workplace, including which jobs will change, be created or disappear, and how skills needs are shifting.”

The report estimates that 27% of existing jobs in OECD countries are at high risk of automation, from AI and other technologies. If even a fraction of those jobs are automated, it could lead to a surge in unemployment—weakening workers’ bargaining power in relation to employers and setting the stage for further wage repression.

“High-skill occupations, despite being more exposed to recent progress in AI, are still at least risk of automation,” says the OECD. “Low- and middle-skilled jobs are most at risk, including in construction, farming, fishing, and forestry, and to a lesser extent production and transportation.”

According to the report, 63% of finance workers and 57% of manufacturing workers are worried about job loss due to AI in the next 10 years.’

https://www.commondreams.org/news/oecd-wages-down-ai-revolution

 The last 800 leaflets were distributed yesterday for the by-election a week on Thursday. Discarded leaflets from some of the candidates were found but nothing from the LibDems — seems they are giving Labour here a free run to garner anti-Tory votes. There is no socialist candidate. 

We talked to the owner of a house decked out with UKIP posters who turned out to be  a former Tory councillor who had defected to UKIP because they were replacing “white” local council candidates by Indians. True, as the three councillors for the ward are now all Indians, but so what? The Tories have in fact been cultivating the Hindu vote in north-west London, with some success.  

We met the Tory candidate himself, local councillor Steve Tuckwell. We had read in a Tory leaflet that the local Hindu temple handed out free fruit and vegetables at 2 o’clock on Tuesdays. Intrigued by this Tory support for free distribution we went along to see. It turned out to be just an ordinary food bank. 

But what we witnessed was a scene that bore some similarity to Dickens’s account of an election in his day. The Tory candidate and the Tory MP for Harrow East (Bob Blackman) forced the 20 or so destitute workers queuing for their bag of food to wait ten minutes to listen to their speeches which the workers dutifully applauded. What followed was even more obscene. The two suitably garlanded politicians were filmed, for an Asian TV channel, handing out food bags to the poor. This must come near to “treating” (giving gifts to voters to get them to vote for you) which since Dickens’s day has become illegal under electoral law. But professional politicians are known to have no shame when it comes to vote-catching. One reason why they are held in contempt, and rightly so.

One big issue in the election is ULEZ, the extension as from the end of August of the Ultra Low  Emission Zone from central London to the whole of Greater London. This will require owners of pre-2006 petrol vehicles and pre-2016 diesel vehicles to pay £12.50 a day to use their vehicles. As all vans are diesel, “white van man” is up in arms. One self-employed tradesman we met told us he had had to spend £10,000 of his own money to buy a new van and that all people like him who owned a pre-2016 van would have to do the same. Workers owning an old banger because they couldn’t afford anything better or a not that old diesel car will also be clobbered. There are two independent anti-ULEZ candidates and the Tories are playing it for all it’s worth (they can’t really play the anti-immigrant card here) saying “No to Labour’s £4,550 ULEZ expansion tax”.

No leaflets have been distributed in the Ruislip part of the constituency, so the workers there are going to have to work out for themselves that the problem is not  the Tories or Labour but Capitalism.

The words idiot and cretin are very similar in both English and French.

The English word for madman translates as le fou. When AI was asked to supply a definition of these three it came up with Emmanuel Macron, President of France.

Okay, that’s made up but the soubriquets surely apply to aforementioned French president given the latest decision to come out of Paris.

Several news outlets are reporting that France is going to more than annoy the Russians, poking the Bear as it’s known, with its decision to supply Ukraine with fifty SCALP long-range cruise missiles each having a range of one hundred and fifty five miles.

Reuters says that Macron said, “It rebalances things and enables Ukraine to hit deep into Russian lines and can penetrate tougher targets”.

A Russian source quotes a Kremlin spokesman, ‘Dmitry Peskov described it as a “mistake,” and one that was likely to have “consequences” for Ukraine. He warned that Moscow would take “countermeasures,” without specifying details.

Peskov expressed confidence that the delivery of French long-range missiles would not change the outcome of Russia’s military campaign in Ukraine.

Moscow has repeatedly warned Kiev’s Western backers that, by providing Ukraine with ever more advanced weapons systems, they are risking dragging themselves into direct military confrontation with Russia.’

Has Macron been ‘leaned on’ by state actors unknown? Guesses as to whom on a postcard. Or is he trying to impress his mates in NATO prior to the upcoming NATO meeting? Will the French take to the streets to demonstrate their displeasure at this dangerous racking up of international tensions?

Violence is not condoned but the so called ‘leaders’ of European states seem hell-bent on increasing the risk of unimaginable destructive upon the working class of those states.

The position of the SPGB (World Socialist Movement) remains the one it has always articulated, the only side we take in any conflict is that of the global working class.

The solution to this threat to the safety of us all, the only solution, remains the same; abolish capitalism and replace it with the only sane alternative -socialism.

 “The 500 richest people on the planet collectively added $852 billion to their fortunes in the first half of 2023 due in large part to a record-breaking rally in the U.S. stock market.

According to a Bloomberg analysis of its Billionaires Index the world’s richest people added an average of $14 million per day to their wealth over the past six months, “the best half-year for billionaires since the back half of 2020, when the economy rebounded from a Covid-induced slump.”

Tesla CEO and Twitter owner Elon Musk saw the largest net worth boost of any global billionaire, adding nearly $97 billion in the first half of the year. Mark Zuckerberg, the chief executive of Meta, saw his wealth grow by close to $59 billion, the second-largest gain of any billionaire.”

https://www.commondreams.org/news/billionaire-wealth-2023

The rest of the above piece berates the fact that they are not paying their fair share of taxes. The cry often is heard that ‘fair taxes’ or excess profits should be used to solve some crisis of hunger, poverty, or whatever ills are currently attracting attention.

From the piece below: ‘The windfall profits of leading food and beverage companies in 2021 and 2022 would be “enough to cover the $6.4 billion funding gap needed to deliver life-saving food assistance in East Africa more than twice over,” Oxfam and ActionAid noted.’

Any amelioration of these blights on a civilised world is to be welcomed but it is not a lasting solution. It is, in fact, not the only solution that removes once and for all the ever growing gap between the asset owning class and the vast exploited majority.

The solution is a money-free, class-free society where goods and services are produced for free use, not for profit.

This solution is not one that will come about without the active participation of a majority who understand that the underlying features of capitalism and the economic exploitative mechanism which is inbuilt into that system.

Those who have an interest in the continuation of their power and control are not likely to easily acquiesce in the removal of those things from their grasp.

As a poet articulated, we are many, they are few. So, with whom does the power lie?

From the same site comes this:

“An analysis released Thursday shows that 722 of the world’s top corporations made combined windfall profits of $1 trillion per year in 2021 and 2022 as people across the planet struggled to meet basic needs due to the price hikes that businesses have used to pad their bottom lines.

The humanitarian groups Oxfam and ActionAid found that the companies raked in $1.09 trillion in windfall profits—defined as profits significantly above a given corporation’s average—in 2021 and $1.1 trillion last year.

That’s an 89% increase in total profits compared to the average between 2017 and 2020, according to Oxfam and ActionAid’s analysis of Forbes’ “Global 2000” ranking of the world’s largest companies—a major windfall during a period in which extreme poverty and global hunger surged. 

The two groups found that “45 energy corporations made on average $237 billion a year in windfall profits in 2021 and 2022” while “food and beverage corporations, banks, Big Pharma, and major retailers also cashed in on the cost-of-living crisis that has seen more than a quarter of a billion people in 58 countries hit by acute food insecurity in 2022.”

The windfall profits of leading food and beverage companies in 2021 and 2022 would be “enough to cover the $6.4 billion funding gap needed to deliver life-saving food assistance in East Africa more than twice over,” Oxfam and ActionAid noted.

“People are sick and tired of corporate greed,” Amitabh Behar, Oxfam’s interim executive director, said in a statement. “It’s obscene that corporations have raked in billions of dollars in extraordinary windfall profits while people everywhere are struggling to afford enough food or basics like medicine and heating.”

“Big business is gaslighting us all—they’re hiking prices to make monster profits, plundering people under the cover of a polycrisis,” Behar added.

“Government policy should not allow mega-corporations and billionaires to profiteer from people’s pain.”

Even the International Monetary Fund (IMF) recently conceded that corporate profiteering has been a major contributor to price increases that have fuelled cost-of-living crises worldwide. Last month, IMF economists estimated that “rising corporate profits account for almost half the increase in Europe’s inflation over the past two years as companies increased prices by more than spiking costs of imported energy.”

Oxfam and ActionAid argued that governments should “claw back gains driven by profiteering” by imposing a 50-90% windfall tax on the profits of major corporations. 

The groups said such a tax would generate hundreds of billions of dollars a year in revenue that could be used to lift people out of poverty, reduce hunger, slash energy bills, and support Global South nations on the frontlines of the climate crisis.

“Enough is enough,” said Arthur Larok, secretary-general of ActionAid. “Government policy should not allow mega-corporations and billionaires to profiteer from people’s pain. Governments must tax windfall profits of corporations across all sectors—and invest that money back in helping people and deterring future profiteering. They must put the interests of their great majorities ahead of the greed of a privileged few.” “

https://www.commondreams.org/news/corporate-windfall-profits

A fable. A scorpion wishes to get to the other side of the river but is a non-swimmer. The scorpion asks a passing frog to carry him cross. The frog is highly suspicious and says how do I know you’re not going to sting me? Because if I do then I’ll drown as well says the scorpion. In mid-stream the scorpion stings the frog. The dying frog gasps Why? No choice, says the scorpion.’ It’s in my nature’.

‘Bank of England Governor Andrew Bailey has denounced domestic retailers for being engaged in ‘greedflation,’ claiming that some of them have been taking advantage of rampant inflation by raising prices.

In an interview with the BBC Newsnight 5 July, Bailey said certain retailers were “overcharging customers” as millions of families struggle to make ends meet.

“If you look at petrol prices, some sellers of petrol have possibly been charging too much for it,” the BoE head suggested.

According to the top economist, “moves by regulators on retail prices will help to lower inflation,” particularly in the fuel market.

The BoE believes UK inflation will fall back to the 2% target towards the end of next year.

Asked when a fall in interest rates might be seen, Bailey responded: “I can’t give you a date as to when interest rates start to come down because that really depends upon what happens over the period of time ahead, but getting inflation down is the most important thing that we have to do.”

Meanwhile, economists at JPMorgan projected this week that BoE may have to further hike interest rates to 7% from the current 5% to bring inflation under control, hitting household budgets even harder.

Earlier this year, the BoE warned that British households and businesses needed to accept that they were worse off and should stop asking for wage increases and pushing prices higher. The regulator’s chief economist, Huw Pill, said at the time that “a series of inflationary shocks” generated by the pandemic, the conflict in Ukraine, and crop shortages have sent prices in the UK to a 40-year high. He claimed that in response to surging bills and other rising costs, workers and businesses were attempting to transfer the impact of inflation onto each other.’

Canada has the ninth largest economy in the world

‘Amid ongoing concerns about food insecurity, a newly published national report by Community Food Centres Canada (CFCC) unveils an alarming poverty rate among working-age single adults in Canada, standing at three times higher than the national average.

According to the report titled “Sounding the Alarm,” more than one in five single adults (22 per cent) live below the poverty line, highlighting that single adults encounter the highest poverty rates in the country.

Many working-age single adults rely on low-wage, part-time, temporary employment opportunities that lack benefits and stability. The social support programs in place are outdated and inadequate for the current labour market, contributing to the challenges these individuals face, the report cited.

According to the report, nearly one million working-age single adults are stuck in a cycle of “deep” poverty with an average annual income of $11,700, which is less than half of the $25,252 low-income threshold for a single-adult household.

These working-age single adults make up to 38 per cent of all food-insecure (sic) households in the country with 61 per cent of them severely disabled living alone below the poverty line, the report said.

The report highlights that nearly half of single adults (47 per cent) live in unaffordable housing (rented accommodation?) compared to 17 per cent in other household types and 81 per cent of shelter users are single adults with low income.

In the survey, some of the participants stated that they encountered difficulties such as struggling to afford nutritious food or adequate housing, and some participants felt trapped in the social assistance system because transitioning to part-time or contract work would result in losing crucial health benefits.

In order to fill the gap in support for working-age single adults, CFCC recommends that the existing Canada Workers Benefit be expanded and enhanced into a refundable tax credit called the Canada Working-Age Supplement and the working-age single adults living in poverty would receive the supplement whether they are attached to the labour market or not.

“Sounding the Alarm illustrates that our governments and employers are leaving working-age single adults behind,” added Saul. “We urgently need a national solution that responds to the realities that people are voicing in this report. If Canada is serious about making life equitable for everyone, then we need to find the political will to create income policies that take people out of poverty – not for a week, or a month, but for good.’

1 in 5 single adults in Canada live in poverty: report | CTV News

And there it is again, a sticking plaster ‘solution’.

Perhaps CTV should have a word with the Socialist Party of Canada (WSM) to find out the real solution to these capitalism problems.

The World Poverty Clock is a tool used to track poverty progress worldwide.

‘Nigeria has the awful distinction of being the world capital of poverty, with 71 million people living in extreme poverty today (World Poverty Clock, 2023) and a total of 133 million people classed as multidimensionally poor according to National Bureau of Statistics data.

About 828 million people will wake up every day having no idea when or where their next meal will come from, and many will go to bed that day without eating anything. This is according to a 2021 UN report. The UN further states that of these 828 million people, 25,000 will die today, including more than 10,000 children.

The T200 Foundation’s report shows that Nigeria has a serious hunger problem with a Global Hunger Index score of 27.9, but there are significant variations in the score across states.

Executive Director of T200 Foundation, Amb. Emmanuel Osadebay stressed the need for collaboration among stakeholders to end hunger in Nigeria by 2030 in line with the Sustainable Development Goals.’

https://punchng.com/71-million-nigerians-extremely-poor-world-poverty-clock/

Two reports from YahooFinance highlight the financial misery capitalism is inflicting upon both private renters and those with mortgages.

‘New data shows London rents approaching the total average take home pay of residents. Average London rents are approaching 80% of residents’ average monthly pay, as prices head past the £2,000 mark. The average salary of a London resident is just over £41,000, according to recent data published by Statista. After tax, this comes out to around £2,600 a month.

Meanwhile, new research by Homelet has shown London rents reaching an average £2,039 per calendar month – about 78% of average pay after tax.

Rents have also risen outside the capital, with average UK prices now hitting £1,213, a 1.2% from last month’s average of £1,199.

Excluding London, the average price of rent in the UK is £1,016 per calendar month, up 1% from the previous month and up 9.5% from the previous year.

The study put Scotland as the highest monthly gainer with rental averages rising by 2.6%.

The UK’s cheapest rental area, the North East, saw another dip, dropping 2.0% month-on-month to £632.’

‘More than 2.5 million UK homeowners who will have to renegotiate their mortgage over the next two years face paying £9bn more as interest rates jump.

With the Bank of England (BoE) now more likely to raise rates even higher than previously thought, the Cebr said it now expects the two-year (75% loan-to-value) mortgage rate to tick up and average 5.1% in 2023.

This means the 2.5 million mortgages that have been or are due to be renegotiated over 2023 and 2024, will cost several pounds more each month as cheaper rates have vanished from the property market.

The cost of some mortgages have risen by up to 3.5 percentage points for some households. This adds on top of the estimated one million already exposed to mortgage increases because of their variable rate deals.

The Cebr is expecting mortgage rates to average 5.1% in 2023 and 4.6% in 2024, bringing even more financial misery to already struggling UK households.

“Cebr estimates that mortgage holders looking to renegotiate their deal in the next two years will face a hefty £8.7bn increase in their payments as a direct result of tighter monetary policy,” it said.

London will see the largest rise in aggregate cost for refixers, with mortgage costs up by £1.8bn over 2023 and 2024, a symptom of the £530,000 average price for a home in the capital compared to the UK average of £282,000.

Meanwhile, refixers in the South East will see the next highest rise in payments, up £1.7bn in 2023. This is partly due to the higher-than-average house prices but also down to the fact that the region held the largest share of all mortgages in the UK in 2022, at 15%.

At the other end of the scale, Northern Ireland and the North East are expected to see the lowest increase in mortgage payments for those due to refix up to the end of 2024. Cebr estimates refixers in Northern Ireland will see a £126m increase in mortgage costs, while in the North East this increase will amount to £159m.

https://uk.finance.yahoo.com/news/london-rents-78-of-average-pay-102450038.html?guccounter=1

https://uk.finance.yahoo.com/news/uk-households-pay-more-mortgage-costs-surge-230149970.html

Great to know there’s some good news in the world. German arms manufacturer’s profits up by 27%. There’ll be more German workers being exploited by the capitalist class too. Forty billion euros of ammunition will be sold up to 2031. Get in touch with your stockbroker quickly and get a piece of the pie. Arms manufacturers are saying to undertakers, hold my beer.

How long is the global working class going to let this insanity continue?

‘Dusseldorf-based arms manufacturer Rheinmetall, Germany’s largest defence contractor, has recorded a surge in orders due to the conflict in Ukraine, Die Welt reported on Friday, citing company data.

According to the report, the company received 18% more orders in 2022 than the year prior. It is now planning to significantly increase production.

The report notes that the arms maker intends to launch a new munitions production line at the Rheinmetall plant in Lower Saxony in the near future and hire several hundred additional employees, aiming to increase its output capacity to the level of the 1980s at 600,000 rounds of ammunition per year.

As noted by the news outlet, thousands of people are already working in three shifts at the facility in order to speed up work on current orders. This reportedly includes maintenance and repairs of Marder infantry fighting vehicles, Leopard 2 tanks and Panzerhaubitze 2000 self-propelled artillery units, and ammunition for Ukraine.

Rheinmetall reportedly expects double-digit sales growth in the coming years. The company forecasts that Germany alone will have to buy €40 billion ($43.6 billion) worth of ammunition by 2031. Earlier this week, the German Bundeswehr placed its latest order with Rheinmetall for 367 protected and unprotected logistic vehicles worth around €285 million.

Germany reportedly ranked sixth globally in weapons exports in 2022, with defense contractors enjoying order backlogs and soaring profits amid global rearming due to the conflict in Ukraine. According to estimates, Berlin approved arms exports totaling over €8.35 billion last year, the country’s second-highest figure ever, after an all-time high of €9.35 billion in 2021.

Rheinmetall earlier reported record €6.4 billion earnings for 2022, up by 27% from 2021, along with a record order backlog of €26.6 billion. In the first quarter of 2023, the company’s consolidated sales rose by roughly €97 million, or 7.6% year-on-year, to €1.4 billion. The backlog increased by 8% year-on-year to €28.2 billion.’