Although the 12-month trend is down, you can see the 3-month trend has just turned upwards again. The run on the pound must have really been frightening Gordon's apparatchiks in the Bank of England, so they put the screw on that. But that screw will have caused a few other things to give elsewhere, also taking the smile off Gordon's face, so they're ratcheting it up again.
The next set of figures for March will be really interesting.
Will Mervyn's printing presses get back to the 25% 3-month rate we see earlier in the chart, to try to paper over the oncoming 'double-dip'? Or will Mervyn do the right thing and direct M4 towards zero, to give us much more honest money, by turning off his counterfeiting machines?
Go on, guess which way Maturin Towers is betting! :-)