S E Scammell, Salisbury, WiltsReuse content
WHY has no one pointed out the fallacy in John Major's representation of the inflation rate as 1.3 per cent? That is the average rate over the last 12 months. What matters is the current rate, which can fairly be regarded as that of the last three months, ie 6.6 per cent. The nil rate briefly achieved, perhaps unwisely, in 1992 is ancient history.