Inflation is yesterday's problem. That was the clear message from the latest figures from the Office for National Statistics showing a bigger-than-expected drop in price pressures last month. Cheaper petrol and a seasonal fall in air fares meant the annual increase in the cost of living came down from 2.8% to 2.4% in April. Belatedly, this starts to bring the UK into line with a more marked disinflationary trend in the rest of Europe. The depreciation of sterling since the start of the financial crisis has made Britain more vulnerable to imported price increases, but inflation as measured by the consumer prices index ... (full story)