The sizeable corps of economists and commentators who have been crying “it’s ba-a-ack”, with respect to the poltergeist of persistently high inflation, are moving into told you so territory.
The Consumer Prices Index smashed its way through the (already grim) forecasts, coming in at 5.1 per cent for the year to November, which will inevitably crank up the pressure on the Bank of England to act just as omicron is infecting the economy.
If this creates a nasty headache for the Bank’s Monetary Policy Committee, it delivers a force 10 migraine for the low waged workers at the sharp end, whose pay packets are getting gobbled up.
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