Given the prevalence of inflation as a benchmark for everything from monetary policy to wage negotiations, taxes and benefits, it is worth redoing the sums. Alberto Cavallo in a paper for US think-tank National Bureau of Economic Research uses publicly available credit and debit card-based expenditure data to establish lockdown spending habits. This implies a halving of the weighting given to both transport and recreation. Food consumed at home gets a lift of half as much again. Using this basket in April would give an inflation rate of 1.06 per cent, three times the official US CPI rate of 0.35 per cent.