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We’ve been talking a lot lately about the stagflationary spiral that’s starting to manifest itself in the UK, as consumer confidence plunges amid austerity.Here’s some good news. Inflation, which had been running red hot, wasn’t quite as bad as feared. 0.3% M/M was only half as bad as expected.
Prices are still going up, and Mervyn King will still find himself in a bind if the underlying economy continues to founder, but at least one datapoint today isn’t so horrible.