UK problems with slow growth and rising prices seem likely to get worse

Britain's bout of mini-stagflation continues as businesses face supply and demand constraints

Growth is slowing and price pressures are mounting. Consumers are anxious and an important commodity is in short supply. That was the state of the UK in the mid-1970s, when a single word was used to describe a combination of recession and a rising cost of living: stagflation.

And, in a much milder form, it is the malaise that is afflicting the economy today. The shortage is of computer chips rather than crude oil but the latest snapshot from IHS Markit/Cips suggests businesses again face supply and demand constraints.

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