Inflation: this time it's different

Do not underestimate the significance of the pending consumer price index (CPI) figures.With headline inflation looking around 7%, it is ugly. The government is pointing the finger at global inflation pressures.On top of that, you can add sugar-candy economics – money printing, low-interest rates and bonanza fiscal policy – and a policy agenda adding to costs.Non-tradable, or domestic, inflation is set to rise above 6% and means: stop pointing the finger at offshore factors as the sole reason we have inflation.The inflation componen...