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Inflation rose to an annual rate of 4 per cent in January from 3.7 per cent in December, far above the Bank of England’s target of 2 per cent. The rate according to the Retail Prices Index rose to 5.1 per cent from 4.8 per cent. David Cameron, the Prime Minister, defended his idea of the Big Society and the government’s economic policy, saying: ‘We have to make these cuts, we have to raise those taxes,’ even though ‘it will make me unpopular’.
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