Why last week’s rise in inflation should not have been a surprise but an important reminder
The Bank of England seems to have taken a kicking in the press following the release last week of the Office of National Statistics estimate for inflation in March. The reports seem to fixate on the uptick to CPI inflation from 3.4% in February to 3.5% in March. This rise did not fit, in the view of many economic commentators, the script written by the Bank of England in its latest Inflation Report. Although in fairness the report did point…