I drove past a petrol (gasoline) station today and saw the price had gone up to 105 pence a litre (173 cents), since I had been away in Dubai. Apparently, it's going to be 110 pence a litre by Christmas (180 cents or $6.81 per gallon)*.Thanks Mervyn, thanks Gordon, thanks Mandy.
But don't worry. Most people in Britain think, if think isn't too strong a word, that rising oil (and gold) prices are causing inflation, rather than the increased money printing of the central planners, which IS inflation, causing price rises.
Clearly, the state education system has done a cracking job of keeping the proles suitably confused about which end of a chicken an egg is laid from.
But I must say, that it is remarkable that in the bowels of a recession, in which classically all prices should fall, that they have managed to print enough fiat confetti rubbish to actually increase price inflation. But never let it be said that Gordon Brown has no idea what stagflation means.
He is a greasy-haired child of the 1970s Labour Party, and he obviously is trying to outdo them.
And there's a lot more of this nonsense to come, as the ratchet of inflation, regulation, taxation, and borrowing, screws the noose even tighter, so that we can keep lavishly employing so many millions of Gordon's voting clients on the government payroll, to deliver us such meaningful services as a "Play Strategy Manager", on a measly £40,506 pounds per annum.
Cluck, cluck.
*In case any U.S. AngloAustrian readers are wondering why we haven't already had a revolution over here, with gasoline prices like this, then I have been wondering the same myself for years.
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