The Today programme’s make a big noise about this morning’s Nationwide figures.
Certainly, a 0.8% monthly rise was more than expected, but is it really a “surge”? Annual inflation is still below the record recorded in June. Accompanying comment is unhysterical, pointing to a 20% fall in mortgage approvals in the first five months of the year and reports of dwindling new buyer enquiries. The annual rate of inflation rose by 0.4%. (Get your own copy of the Nationwide report here.)
Meanwhile, new data released by Hometrack this morning (which is getting less coverage) shows a 0.1% national increase across the month, with London prices entirely stagnant.
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