It’s the Economy, Cupid: The Readout With Allegra Stratton

This Valentine’s Day it’s the economy, Cupid*. But while we always knew the week would be dominated by big economic data dumps, the first shovel load has been a surprise.

Inflation came in at 4%, lower than the expected 4.1%. The figures saw the first monthly fall in food prices for more than two years, driven by cuts in the price of bread, cereals, cream crackers, sponge cake and chocolate biscuits. Prices for furniture and household goods fell too, though all price drops were partially offset by an increases in the cost of household energy after the cap was increased.