Inflation data hides true increase in living costs

National Office for Statistics figures out later this morning are expected to show an increase in the consumer prices index (CPI) to 4%, up from 3.7% in December. But authors of a report in the respected journal of the International Association for Official Statistics, including a former World Bank economist, say the figures are misleading. The report concludes: "The official price indices currently available for the UK are misleading the general public and are of doubtful relevance for policy purposes," according to the Guardian. CPI measured-inflation, which Britain switched to i...