I almost felt sorry for ‘Swervyn’ Mervyn King, the governor of the Bank of England this week when he was forced to write yet another apology to UK Chancellor Alistair Darling explaining why CPI inflation was running at 3.2% in February when it is supposed to be 2%. According to Merve the Swerve, a major factor was GBP weakness. “Oh really?” I screamed, remembering that in early February, I actually wrote to various members of the BoE’s monetary policy committee pointing out that the UK was importing inflation and cautioning them about any further easing.
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