Ready for higher interest rates?

For some time now I have been telling people that the threat is not deflation but inflation and I am often derided for it. So I was interested to read in The Telegraph that whilst:

'The Consumer Price Index rate of inflation dropped from 3.4pc in May to 3.2pc last month, according to the Office for National Statistics' it 'fell short of economists' targets of a decline to 3.1pc.

Increasing concern was the increase in "core" inflation, which excludes volatile factors such as food and petrol, from 2.9pc to 3.1pc.'

Expect inflation to rise very soon...