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Tuesday, 18 October 2011

Inflation rate reaches 5.2%

The inflation rate reaches 5.2% which is way above the BOE's target rate of 2%.  This inflation is mainly as a result of high energy prices exacerbated by the low exchange rate.  The Bank of England believes that the inflation has peaked and the effect of the VAT rise will drop out of the statistics bringing the headline rate down but the pain still continues. 

This month is when the Government sets the rate of the state pension and other benefits so the high inflation will further dent their ability to bring spending down.

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