Critics point out that pricing power has shifted sharply from producers to retailers.

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The report is expected to point out that there is still scope for raising petrol duties sharply.

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Analysts also point out that the markets have other safeguards to keep them from falling too sharply, with circuit breakers that halt trading on the Dow Jones industrials after falls of 850, 1, 750 and 2, 600 points.

BBC: Economy in the balance

Officials point out that public spending has risen by much less than inflation (itself falling sharply, to under 20% this year).

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Further, many of them point out that the last time markets were at these nose-bleed levels, they fell sharply.

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At the risk of over-interpreting the figures, it is still fair to point out that the overall engagement index - the one highlighted at the top of the survey - has fallen sharply since 2010.

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