23 FEBRUARY 1991, Page 24

Inflationary birthday. . .

A MUTED 20th birthday party for our decimal currency. At the Daily Telegraph, the anniversary was marked by increasing the price from seven shillings a copy to eight. On the eve of decimalisation the paper cost ninepence (9d, with 12 pence to the shilling and 20 shillings to the pound) so that the increase now is more than the price was then. I impute no blame to the Telegraph, which has so many deserving mouths to feed. I do fault the decimalisers for tidying away the mental resistance mechanisms which had defended us against higher prices. Restated in the new money, price increases raised no hackles — and in four years price inflation had rocketed to 25 per cent.