Rejoice! The UK's Office for National Statistics released its latest estimate for GDP growth this morning and the economy grew by 0.5%. This was better than the previous three months, when it contracted 0.5%, but over the six months taken together the overall result was a contraction, albeit of only 0.0025% (although of course estimates are imprecise and in any case are subject to change).

Yet, despite the growth, the latest figures have not reassured those who fear the UK has entered a period of "stagflation" - stagnation combined with inflation.