Here is a chart of UK RPI (sadly the ONS does not have a charting system like FRED, so I have had to make this in Excel and post a picture). Click to enlarge.

Souce: ONS.
With the special factors raising the rate at present (energy, import prices and VAT), I am still not inclined to worry. I think the BoE should remain on hold for a lot longer — and it looks like that is what they are likely to do.
Advertisements