I
t probably did not happen, more’s the pity, but I have in mind a raucous singalong of a version of the great football song Three Lions around the Bank of England’s marble halls last week — except instead of “It’s coming home”, this version has “It’s coming down”, with an echoing chorus from the Treasury and Downing Street down the road in Westminster.
Inflation is indeed coming down, as we learnt a few days ago. And, for the first time in more than four months, the figures surprised on the downside. It had to happen sooner or later, and it has.
I know what you are thinking — that one swallow does not make a summer and there is nothing to celebrate about an inflation
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