All bollox imo , wouldn't take any notice of ONS figures , covid showed they were behind the curveThe problem with Stagflation (inflation in an environment of stagnant growth) is that monetary policy cannot solve both inflation and recession at the same time. Some might say that statistics are showing we are in a tight labour market, so it can't be stagflation! One solution would be returning to a manufacturing economy (supply side economics in a deregulated environment with lower bureaucracy - but I can't see the snouts in the trough going for that regardless of them calling themselves free-marketeers"). When the unproductive labour in the service economy is added to the volume of people that don't want to work, we end up with the equivalent economic problem of high unemployment, this stagflation, and nothing Andrew Bailey is doing is going to cure it.
Make hay while the sun shines...
Inflation is plateauing and firms are still recruiting .