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It was, as ever, a big year in the economy. We seem to always live in interesting times and this year, even though lockdowns were over and things seemed to get back to some sort of normal, was no different. “Normal” ain’t normal any more.Cost of living ruled the narrativeIt was impossible this year to avoid discussion of inflation and the rising cost of living. And yet, curiously, this year was when inflation fell – at much the same rate as it rose last year.In the 10 months to the peak of December last year, inflation went up from 4.9% to 8.4%, and in the 10 months since December it has fallen to 4.9% again:If the graph does not display click hereThis doesn’t mean all is fine, but it does remind us that even when inflation falls, it doesn’t wipe away the previous price rises.People were still dealing with the impact of the price rises last year and, more importantly, the lack of relative wage growth.In the past year the quarterly measure of inflation rose by 5.4% (to September) while wages grew by 4% – for a 1.3% fall in …
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