Inflation rise forces explanation

The cost of living has risen at its fastest rate for at least 10 years, forcing the Governor of the Bank of England to write a letter of explanation to the Chancellor for the first time.

The Consumer Prices Index (CPI), the official measure of inflation, rose to 3.1% last month, more than 1% above the Government’s target for inflation.

Governor Mervyn King has to write an open letter to Gordon Brown if CPI hits more than 1% above or below the 2% target.

Channel 4 – News – Inflation rise forces explanation


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