I've glimpsed our hyper-inflationary future
The Bank of England says it expects inflation to rise to “around 11%” this year. I reckon you’re a bit behind the curve there, chaps. My Planet Normal co-pilot, the economist Liam Halligan, has been saying for several months that inflation is already well into double digits. Who knows, if the complaisant bankers (“It’s transitory, old boy, transitory”) were to lift their bespectacled gaze from their mathematical models and pop down the corner shop to buy a loaf of bread and a few other bits they might see what everyone who lives in the real world sees. Prices are rising at a scary rate.
UK inflation is bad, but thank your lucky stars you don’t live in Turkey, where I was last week. According to official figures, consumer prices in …
More on: www.telegraph.co.uk