news.bbc.co.uk/1/hi/business/10121176.stm

Not looking good. Your money is worth 5.3% less in your pocket. Which means everyone is getting worse of by 5% this year even if they stay in their job.

With the pound going down against the dollar we could see even bigger inflation this month - with it getting into double figures by the Autumn as traders struggle to hold costs down because QUANTITIVE EASING was bound to do this. A devaluation of the currency was the old name for this type of fiscal action.