There are as many versions of inflation in the big world of the economy as there are in our humble homes. There’s the ‘we really can’t afford that (insert expensive object or project which you don’t really want to be bought or to happen), have you seen the price of (your choice, but petrol and milk are always good) version. Then there’s the ‘look, we all need a holiday, could be the last time they’ll want to come with us and it’s not really that bad’ version. And in that big world, we have the ‘I told you it would start to fall, it’s now down to 7.9% so we’re pretty much on target’ spin. Or the ‘that doesn’t mean anything’s cheaper, just that prices are going up a little more slowly and it’s all down to fuel prices anyway’ take on it. You pays your money and you takes your choice. But whichever you choose, your money’s still worth 7.9% less than it was last year.
As inflation remains unchanged and interest rates head up again, there’s ‘no hope on the horizon for hard-pressed households’. And why would there be, as ‘if it ain’t hurting, it ain’t working’.