Much of this article is correct and states the obvious, but I just with to pick up on one point; i.e. that the fall in sterling is of little concern. You write:
…the sea of Sale signs on the high street, and the savage discounts many retailers have been forced to make to tempt shoppers through their doors, hardly suggest that a surge in prices is on the way.
Stores may indeed be reducing prices in order to realise value on their existing stock, but the fact remains that imports will increase in price. Retailers will then either have to pass on these prices to consumers (i.e. inflation) or go out of business (i.e. recession).