We all knew it was coming; the rosy reports of more rapid GDP growth and rising wages were never going to last in the post-Brexit vote environment. Especially after the dramatic fall in the value of the pound.
For months Brexit supporters and their surrogates have been pouring scorn on warnings from respected economists and think tanks such as the Institute for Fiscal Studies for predicting an eventual slowdown in the economy and rising costs for consumers.
But the pound's reduced buying power is now beginning to seep through to shoppers and businesses. A doubling of some food prices will serve to bring the challenges of the next several years into focus with a concurrent squeeze on wages also on the cards.
While this will hurt the bottom line of businesses more firmly connected into the global economy, the more destabilising factor will be the strain this will put on working and middle class households, precipitating an increase in public and political discontent. Hold on tight.
Supermarket inflation doubled last month as shoppers had to pay more for staples such as butter and tea, underlining expectations that household budgets will come under extra pressure in 2017.