Shadow Treasury spokesperson Malcolm Turnbull doesn't know where to turn now that inflation has risen to over 4 per cent.
Mr. Turnbull diddled about on inflation during an ABC 1 Insiders program last February when he was challenged about his view that inflation wasn't that important an issue.
Now he twists and turns over the latest inflation figures from the Reserve Bank.
The rise in inflation is awkward for Opposition Treasury spokesman Malcolm Turnbull, who has repeatedly accused Mr Swan of exaggerating the threat of inflation and criticised the Reserve Bank for raising rates.
Mr Turnbull said yesterday the world financial crisis would put more upward pressure on interest rates and slow economic growth.
"That is why I encouraged the Reserve Bank not to raise official rates earlier this year and to wait to see how the international situation developed," he said.
Perhaps Malcolm is now also reassessing his earlier opinion that The great risk to inflation now under Labor is a break out in wage inflation.
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