THE TELEGRAPH: Inflation has soared to a 16-year high, climbing to 3.3pc, as the full effects of higher food, utility and petrol prices hit home.
Figures out this morning from the Office of National Statistics show that the Consumer Prices Index - the Government's preferred measure of inflation - jumped from 3pc in April to 3.3pc in May.
This was above economists' expectations and the highest level since 1992, the year when Britain was humiliatingly forced out of the European Exchange Rate Mechanism and interest rates hit 15pc.
It is only the second time since the Bank was granted independence in 1997 that inflation has climbed more than one percentage point higher than 2pc - the Government's target. Inflation Hits 16-Year High as Financial Squeeze Intensifies >>> By Harry Wallop, Consumer Affairs Correspondent | June 17, 2008
THE TELEGRAPH:
Deflation Rather than Inflation Could Soon Be Our Big Worry >>> By Roger Bootle | June 17, 2008
The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)
