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Inflation knocked off the news headlines by market turmoil

As stock markets in the Far East fell by around 5% overnight it seemed obvious that the headline inflation figure in the UK would not receive much attention today. The government will be thanking their lucky stars that this is the case because the rate of inflation in the UK has reached a new 16 year high of 4.7% and it is expected to go higher before succumbing to the crumbling oil price.

Spare a thought for Bank of England governor Mervyn King who will again be forced into the humiliating act of writing a formal letter to the Treasury explaining why the government's inflation rate target of 2% has been breached and what exactly the Bank plans to do about it. To say that Mr King will be stating the obvious in his letter to Alistair Darling is an understatement!

While the signs are that the rush on inflation will soon be over, with some pressure taken off the cost of living, the rate announced today was around 0.1% higher than many in the City had expected. However, in the turmoil of the current economic meltdown it seems as though the rate of inflation is the last thing on trader's minds.

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