Inflation surges

Finally an official statistic to confirm what this blog has been preaching for years - GORDON BROWN IS AN ECONOMIC INCOMPETENT.  

A quote from the report in The Times, linked here:

 The Bank of England is facing further pressure to control rising inflation after it emerged that prices at the factory gate surged by 5.9 per cent during May - the sharpest increase since 1991 and above an expected rise of 4.7 per cent.

Input prices, the cost manufacturers pay for their raw materials, rose 27.9 per cent in the year to May.

Annual factory gate output inflation, which includes fuel, food, beverages and tobacco, surged 8.9 per cent in the year to May - the highest since records began in 1986.

Core output inflation, which strips out food, beverages, tobacco and petroleum, rose at 1.2 per cent in May, the fastest pace for 17 years, according to the latest figures from the Office for National Statistics (ONS).