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By Tim Harford
Published: January 7 2011 22:15 | Last updated: January 7 2011 22:15
The UK's coalition put up value added tax by 2.5 percentage points last week, guaranteeing a day of bad headlines about rising prices. But anyone buying products dependent on the price of oil, or gold, or copper, or wheat, doesn't need George Osborne to experience a world of sharp increases in prices.
Even Christmas was more expensive. According to PNC, an American company which calculates these things, the cost of buying the items mentioned in The Twelve Days of Christmas rose by a painful 9.2 per cent last year.
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