From his blog comments:
And there is not a hint of inflation, at all
Inflation fell sharply in December on the back of lower fuel and clothing prices.
Consumer Prices Index (CPI) inflation in the UK fell to 4.2% in December, down from 4.8% in November, according to the Office for National Statistics (ONS).
Retail Prices Index (RPI) inflation – including mortgage interest payments – fell to 4.8% from 5.2%.
Some of us consider 5% to be more than just a hint of inflation. But then that would be being both numerate and observant, wouldn\’t it?