Inflation: how scared should we be?
The anxious wait for Tuesday’s CPI figures.
By Philip Aldrick, and Emma Rowley
In a quiet corner of a Newport office, a group of 10 statisticians worked late into the night on Friday to put the finishing touches to January’s inflation update. Theirs looks like any other open-plan office, except that the Office for National Statistics prices team works alone and keeps its market-moving documents hidden in safes over the weekend.
Having already double- and triple-checked the newly updated weightings, tweaked annually, for the basket of goods and services that are used to calculate consumer price inflation (CPI), their final tasks were to identify the likely talking points in the data and pre-empt the likely questions their team leader, Darren Morgan, will face.