And there we have it:— Chris Soley (@chrissoley) November 17, 2021
There was no doubt that this was coming.
Industrial natural gas up over 100% from a year ago. Card up over 50%. Electricity c40-50% increases.
Very challenging period ahead for businesses and consumers. https://t.co/SqGZGmUvbY
It is mainly due to higher fuel and energy prices but the cost of second-hand cars and eating out also rose, the Office for National Statistics said.
Needless to say the media and others are fulminating at the numbers, and are wondering if Bailey and the MPC will finally follow through on his threats to raise rates (even though he doesn't think they will have any effect).
Given that these costs are related to the reopening of global economic activity, in my view we can allow the economy to run hot for the next few months without the need to raise rates.
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