ITV News' Economics Editor Joel Hills offers his take on what these new inflation figures mean for the Bank of England, and the country. | ITV National News
The direction of travel looks clear enough but some on the Bank’s Monetary Policy Committee have already said that they want cast-iron evidence before they stop tightening.
Of course, the oil price is set internationally and tends to be volatile but there is an argument to continue hiking - it just got weaker. “The key point is that if the interest rate is left unchanged this time, it doesn’t rule out further increases if the need for them arises because these figures prove to be a flash in the pan."Indeed, while the pace at which food prices are rising has eased, annual growth of 13% is still brutal and price levels are substantially higher than they were 18 months ago.
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