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Don’t trust the official inflation rate of 3.3%, warns John Major – it could be as high as 10%

Posted By admin On July 14, 2008 @ 4:50 am In Money Watch | Comments Disabled

James Chapman
UK Daily Mail [1]
Monday, July 14, 2008

Families are being hit by a real rate of inflation as high as 10%, Sir John Major has claimed.

In a rare intervention in domestic politics, the former Tory prime minister and chancellor said the Government’s official inflation measure, the Consumer Price Index, could not be trusted.

He attacked Labour for taking housing costs and council tax out of inflation calculations. It made the CPI, on 3.3% in May, ‘extremely misleading’.

(Article continues below)

Sir John told the BBC’s Andrew Marr Show: ‘If you look at what’s happening to food, to heating, to the expenditures most people cannot avoid, inflation is probably between 8 and 10%.’

Full article here [1]

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URLs in this post:

[1] UK Daily Mail: http://www.dailymail.co.uk/news/article-1034683/Dont-trust-official-inflation-rate-3-3--warns-John-Major--high-10.html

[2] Former Treasury Official who Devised Formula for Rate-Setting Based on Outlook for Inflation and Growth Warns that Inflation Looms, Slams Fed Policy: http://www.prisonplanet.com/former-treasury-official-who-devised-formula-for-rate-setting-based-on-outlook-for-inflation-and-growth-warns-that-inflation-looms-slams-fed-policy.html

[3] John Paulson’s Scary Speech: Double Digit Inflation By 2012, Gold At $4,000: http://www.prisonplanet.com/john-paulsons-scary-speech-double-digit-inflation-by-2012-gold-at-4000.html

[4] The Inflation Rate Is A Lie Too: http://www.prisonplanet.com/the-inflation-rate-is-a-lie-too.html

[5] Inflation rises unexpectedly to four-month high: http://www.prisonplanet.com/inflation-rises-unexpectedly-to-four-month-high.html

[6] Drivers face green tax rises at twice the rate of inflation: http://www.prisonplanet.com/drivers-face-green-tax-rises-at-twice-the-rate-of-inflation.html

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