Inflation, the old enemy, is back. But this is no time to be frightened

``So far in January, the inflation news has been relentlessly poor. Rail fares have gone up by well in excess of inflation; VAT has gone from 17.5% to 20%; a fresh surge in oil prices to just under $100 a barrel threatens fresh misery for motorists already having to adjust to the idea that it now costs £50 or more to fill up the family car.''