Ouch! The one area of the economy where the British government was expecting good news was on inflation. With the economy slowing the idea was that inflationary pressures were likely to subside. Yet today’s figures from National Statistics show Consumer Prices Index inflation at an annual rate of 5.2% up to September.
Obviously it is never a good idea to read too much into one month’s data. But the timing and direction of the latest announcement will no doubt have Gordon Brown biting his nails even harder.