Most of the UK's economic data hitting the wires at the moment is good, if not staggeringly so, confirming the Government's rhetoric that the hard hitting austerity programme is working.

The Office of National Statistics (ONS) has released the Inflation rate for the month of August (CPI) which shows a small drop from 2.8% in July to 2.7% but still above the Bank of England's target level of 2%.

This was due mainly to the price of air travel and fuel costs rising at a slower rate than the same month a year previous but the long term price of oil, isn't stable enough to assume that inflation is on a one way path and the current Consumer Price Index 12 months ago was also at 2.7%.