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But fears about inflation (chart 6) slowly gave way to fears about growth as the year went on and Europe's problems worsened.
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The cost of independent schooling has gone up far faster than inflation (see chart).
It has steadily raised interest rates to fight off inflation (see chart).
Bond investors have begun to price in higher inflation (see chart).
The overall home-entertainment market stands at 78% of its peak level, even before adjusting for inflation (see chart 1).
The process of deleveraging kept rich-world inflation subdued (chart 2).Robust demand and loose monetary policy let it accelerate in India and China.
They did not lead to anything approaching 1970s-style inflation (see chart).Sir Mervyn did not pioneer inflation targeting New Zealand adopted it earlier than Britain but he popularised it.
He hopes to limit rises in consumer prices to 8% by the start of next year and 6% in 2016.To that end Mr Rajan has raised rates, although they are still only barely higher than inflation (see chart 2).
Although officials still insist that oil production is 3.3m barrels per day (b/d), even OPEC, of which Venezuela is a founder member, does not believe this: in October it slashed Venezuela's production quota to 2.5m b/d.The second warning light is inflation (see chart 2).
The GM gamble An invitation from the SEC New lease on life Quaking Liar's poker Paying for Saddam's sins Reprints Related items Economic policy: The joy of inflationMay 15th 2003 The deflation danger: Of debt, deflation and denialOct 10th 2002Historically there has been a close relationship between the size of the output gap and the direction of change in inflation (see chart).
Indeed, the nominal price of textbooks has risen more than fifteenfold since 1970, three times the rate of inflation (see chart).Like doctors prescribing drugs, professors assigning textbooks do not pay for the products themselves, so they have little incentive to pick cheap ones.
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CEO of Professional Science Editing for Scientists @ prosciediting.com