Caution must always be exercised when making definitive statements about economic developments, something especially true of unwieldy, nationwide aggregations of trends in markets as large and diverse as consumer goods. Headlines such as...
The base rate climbed steadily to 5.5% in 2008 before the global financial crash, after which it plummeted to 1.5% within one year as the Bank attempted to stimulate investment and consumption.
The latest ONS figures, released yesterday show that inflation seems to be in the initial phase of converging with wage growth, currently at a tolerable level.
The official CPI measure of inflation picked up in March to +0.5% on the previous year.