One month's data do not necessarily indicate the start of a trend, but round one goes to those of us who have argued that the fundamentals do not support rapid growth in consumption this year.
The Monetary Policy Committee is back facing a familiar dilemma a housing market that is recovering well, with households not afraid to take on more debt, but real economy and inflation numbers which are much softer.
Unless or until the revival in the housing market translates into higher consumer demand, it is the weakness of the latter that is of greater relevance to the inflation outlook -- and hence the policy decision.
Household goods have fallen 5 percent in the last two months -- we are moving house but not buying the kit to go in it.
