UK inflation rate rises to 1.3% in October (http://www.bbc.co.uk/news/business-30095123 ) which appears to be heralded as some sort of proof that the economy is on track.
Two things about this.
Firstly, it makes last weeks announcement that wages rises are higher than inflation seem a bit hollow.
Secondly, there is an admission that the increased spending is probably down to pre-Christmas releases of new video games and game consoles - you must have seen the adverts. There is no mention of what the seasonally adjusted inflation rate will be - if indeed you do actually seasonally adjust for October.
On the other hand grocery sales have fallen for the first time in 20 years ( http://www.bbc.co.uk/news/business-30090251 ). Are people buying less food and more video games ? What is the message here with these seemingly 'at odds' retail figures. Perhaps food banks are taking up the slack.
This is the week that Japan entered recession and the PM has warned of further troubles ahead from the collapsing Eurozone.
The December and January figures will be very interesting.
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