Inflation is like an octopus, wrapping its tentacles around the things we rely on | jessiehewitson
this year. While it may be stretching it to say that we are living through the most stable of times, there has certainly been a level of complacency, some of it emanating from Threadneedle Street.
It’s also true that millions of us took out ever-larger mortgages in the expectation that interest rates would remain low – or at least if they didn’t, then any increase would happen slowly – but this has not been the case. You don’t have to be an economist to sense things aren’t going well. Inflation is like an octopus, its tentacles wrapped around the pasta and milk we buy from the supermarkets, gripping hard.Paul Johnson, director of the Institute for Fiscal Studies, suggests inflation will hit the Bank of England’s target of 2 per cent in 12 to 18 months’ time, though he believes the likelihood of this not happening has increased.
In the meantime, Andew Bailey, the Governor of the Bank of England, will have to work harder to show he hasn’t fallen foul of Minsky’s theory, and that his complacency hasn’t cost us all a lot of money.
Belgique Dernières Nouvelles, Belgique Actualités
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