What a difference a month makes. Four weeks ago, when official figures showed a drop in consumer price inflation from 3.2 to 3.1 per cent, there was quite a lot of scoffing directed at the inflation warriors. That temporary fall was, though, an aberration. The jump in inflation to 4.2 per cent last month, announced a few days ago, was more reflective of the story.
Inflation is going up, and the warriors were spoilt for choice in the latest figures. Retail price inflation rose to 6 per cent, its highest for 30 years. Factory-gate inflation, measuring industry’s output prices, rose to 8 per cent, which, like consumer price inflation, was the highest for ten years. And, for good measure, the official house-price index showed
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2021-11-21 00:01:00Z
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