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Price increases: the cost of education exceeds the charts

Not since 1992 rising inflation in the UK has been very hot. Back then, in the era of grunge groups and movie rentals, average prices were about half as high. they are now. But there are a lot of problems behind the average. The price and value of a wide variety of goods and services have changed dramatically in the last 30 years.

As the chart shows, tuition fees – including tuition fees, university tuition and evening classes – have risen sharply. High demand and limited space in some British schools is one reason for the rise in prices of about 600 per cent of the population. But some scholars consider education to be a kind of “veblen service”, Where demand increases as prices rise.

In contrast, prices for electronic devices such as TVs and personal computers have dropped. Final prices calculated on the basis of energy efficiency are down 98 percent in the consumer price index (CPI). Clothing prices have also plummeted, signaling the end of imports and the emergence of leading corporations.

There have also been major changes in spending. Food prices have dropped from 15 percent in 1992 to 10 percent last year. Culture goods and services are now having a major impact on UK commodity prices. This led to a 15 percent increase last year compared to 10 percent in 1992.

The plague was a major factor in spending money. In 2020, the Office of National Statistics changed the scales in the CPI to take this into account. Contributions from travel, vacations and outdoor dining were all greatly reduced. When the economy recovers, the money to buy those things comes back. But their influence on the head of inflation will not be apparent until the weight of the basket resumes. Accurate calculations, albeit with caution, are an indirect guide to real human situations.

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