A steady hand or an itchy trigger finger?
A central bank that speaks with too many voices risks saying nothing at all.
Today’s British inflation numbers were the kind that are liable to cause a bit of confusion. The price level fell in January compared to December but by less than the previous January. The result was a rise in the annual rate of CPI.
The immediate driver of all this was less steep discounting by clothes retailers. But, as the ONS noted, the year-on-year …