Should we be worrying about inflation? Retail prices index inflation (RPI) spent 2012 fluttering up and down between 2.6 and 3.9 per cent, and currently sits at an unremarkable 3 per cent. But while there is little sign of drama in the short term, some commentators (including the IC's Alistair Blair in his final column) foresee a sea change towards higher inflation in the longer term, with governments embracing rising prices as the most effective and least contentious means of eroding their enormous national debts.
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