1.   Although the rate of growth has slowed, inflation has ticked up, posing a policy dilemma for both the chancellor and the central bank governor.

2.   But most economists are convinced inflation will tick up if the economy continues on its current pace.

3.   Inflation could tick up.

4.   Inflation did tick up a bit in the first six months of the year and the Federal Reserve last week boosted interest rates slightly.

5.   Meanwhile, inflation has ticked up, pushing the real, or after-inflation return on these investments close to zero.