December I blogged indirectly that inflation on non-mortgage goods would have to go up because of the fall of Sterling but apparently today it is a huge surprise to economists. Am I missing something? We bought Spanish oranges last year in Euros, this year we still buy them in Euros. Euros are worth 25%+ more, therefore oranges go up in price. I'm sorry but it doesn't take a rocket scientist, does it?
I think I'm going to give up dictionaries and become a highly paid, unsurprised economist.
Another career I may consider is proofreader for the BBC. The 'expected' in their first paragraph must be 'unexpected' if you believe the headline and that Economists had expected both measures of inflation to fall ... sloppy!