I realise that many people on both sides of the Atlantic believe that the official in-flation
figures are misleadingly low. There is even a conspir-acy theory suggesting that the figures are deliberately cooked.
Suffice to say here that the markets do not believe that the inflation numbers are grossly
understated and neither do the central banks. They both react to the official figures - and last week there was enough in
those to get them excited.
