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Prices going up and down

The Bank of England monetary policy committee surprised the City in January with an increase in interest rates. If inflation reaches a percentage point above (or below) the target rate of 2 per cent a year, the governor of the bank is obliged to write a letter to the chancellor explaining why the committee has failed. And prices are going up faster than 2 per cent a year, hence the rise in rates to try to keep inflation in check. But which prices are going up, and in which sectors of the economy? Certainly not…

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