Inflation is the aspect of our economic performance which is now changing most dramatically (with the possible exception of the balance of payments on current account). Yet price changes and their measurement are many‐sided, with a range of indices measuring different stages and different parts of the inflationary process. In this Forecast Release we examine the most important indicators of CJK inflation, look briefly at the relationship between them, and trace the manner in which the rapid slowdown in inflation is now filtering through the economy, having its final impact on the consumer/retail price inde