Under capitalism, prices are supposed to be the centre of everything. They are the key agreement between buyer and seller. They are the one clear and reliable piece of information, on which the whole often opaque and unstable system depends.
Two years of relentless price rises later, much of the rest of the country still seems in denial as well. Inflation is falling but remains higher in Britain than many comparable nations.
Yet opinion polls regularly show that roughly a third of Britons mistakenly believe that falling inflation means falling prices in general rather than prices merely rising more slowly. The government sometimes encourages this misunderstanding.
Although much less the result of his policies than of global factors, such as the reduction of price pressures from the war in Ukraine, the falling rate is one of the few successes his premiership can claim.
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