The Sunday Telegraph London, July 18th, 2004
ALTHOUGH people talk about "the" inflation rate, in practice there are umpteen measures of it. As our top chart shows, the CPI comes out at the lower end of the spectrum. Right at the top end, unsurprisingly, is house prices, with a recent rate of increase of 19 per cent. At the other extreme, the price of imports has fallen by 1.4 per cent. Yet neither of these is a measure of overall inflation, but rather a measure of one aspect of the economy which you would want to include as part of general inflation.
This also applies to the Government spending deflator, currently running at 2.7 per cen...
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