WHO OR WHAT is to blame for the current bout of inflation? Almost 26 years ago the Bank of England was given the job of keeping inflation at a low target figure.
In 2003 the target became that the consumer price index should rise by 2 per cent a year. In the 18 years to the end of 2020 the increase in consumer prices averaged precisely 2.0 per cent. A fair generalisation was that Britain no longer suffered from the high and unstable inflation of the 1970s.
The Bank
