Tuesday, Dec 11, 2007
FLASHBACK: before the media campaign bullied the MPC
Sky News: Soaring fuel prices drive up inflation
November 13 2007: Rocketing petrol costs have driven inflation back above the Bank of England's 2% target - all but ending hopes of an interest rate cut this year. CPI rose from 1.8% to 2.1 % in October, much more than economists had been predicting.
Posted by little professor @ 07:47 PM (487 views) Add Comment
3 Comments
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1. denzil said...
I did some research this afternoon to figure out the calculation that is the CPI. Here's my findings:
1: Cut a sheet of paper into 10 equal chunks
2: Write a percentage between 1.9%-2.1% on each chunk and throw into a hat.
3: Shake well.
4: Select 1 chunk of paper and that chunk will be this months announcement for the CPI or if it's too high do a best of three.
Seems fairly diplomatic and above board to me so long as step 3 is vigourous.
2. crash bandicoot said...
CPI was fudged as a part of the "get Gordon elected" campaign, and it might just have worked if it wasn't for those pesky kids at Northern Rock. Now they can't just return to the real figures because it will look like the economy is falling appart (even worse than it does at the moment). Also it would mean that they would also look like they had lost control...........let me think about that again.
3. wiltshire said...
I wish someone would do a major opinion poll asking "Do you believe the headline inflation figure?". It seems to me that it doesn't matter what the government say anymore because people daily experience inflation at far more than 2.1% on all the day to day necessitities. Like when Darling urged NR savers not to withdraw their savings, it doesn't matter anymore because NO ONE IS LISTENING. Government credibility is now officially an oxymoron.