this pattern sounds familiar....
Weak Pound Pushes Up Prices in Britain
By JULIA WERDIGIER
Published: March 24, 2009
LONDON — The deepening recession in Britain provided no respite from inflation for consumers last month, as the weak pound pushed up prices for food and other imported goods.
Economists had expected inflation to slow as commodity prices dropped and shops tried to attract consumers reluctant to spend because of concern about rising unemployment.
Instead, consumer price inflation rose to 3.2 percent in February on an annualized basis, from 3 percent in January.
The 26 percent decline of the pound against the dollar and 16 percent drop against the euro in the last 12 months failed to spur demand for British exports, and instead left many British consumers paying more for imported vegetables, fruits, wine and meat....
http://www.nytimes.com/2009/03/25/bu...ound%22&st=cse
LONDON — The deepening recession in Britain provided no respite from inflation for consumers last month, as the weak pound pushed up prices for food and other imported goods.
Economists had expected inflation to slow as commodity prices dropped and shops tried to attract consumers reluctant to spend because of concern about rising unemployment.
Instead, consumer price inflation rose to 3.2 percent in February on an annualized basis, from 3 percent in January.
The 26 percent decline of the pound against the dollar and 16 percent drop against the euro in the last 12 months failed to spur demand for British exports, and instead left many British consumers paying more for imported vegetables, fruits, wine and meat....
http://www.nytimes.com/2009/03/25/bu...ound%22&st=cse