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‘Joyflation’ Poised to Lift British Economy From Misery

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The U.K. economy is about to get a dose of “joyflation.”

That’s the term coined by Oxford Economics Ltd. to describe the combination of the oil-driven slowdown in inflation and accelerating economic growth. It’s enough to force the Misery Index -- a measure of an economy’s health generated by adding the rates of unemployment and inflation -- to its lowest since at least 1989 when consumer-price data became available.