UK inflation rate is now higher than Zimbabwe's

It's true. Annual inflation in Zim is now three per cent, whereas the UK rate – even if we take the lowest measure, CPI – is four per cent (hat-tip, zerohedge). In reality, of course, the British figure is much higher: RPI is at 5.7 per cent, and adding the effect of tax rises would push it higher still. Indeed, as the excellent Allister Heath reported last month, CPI itself has been systematically understated because of a blunder by the Office of National Statistics.

You can crunch these numbers any way you like, but the fact remains: the Zimbabweans, despite a Caligulan tyrant, land seizures and an international embargo, have done a better job than our Monetary Policy Committee, whose raison d'être is to keep inflation below two per cent.

I'll say it one more time, more in hope than in expectation. Stop printing money! Start raising interest rates!