For the first time this year, inflation is on the rise. After falling fairly steadily from above 11% almost two years ago, a bump in the road back to more normal levels was always very likely.
Rishi Sunak will have known this day would come. Back when he called July’s general election on that rain-soaked May afternoon, the Bank of England was already warning that inflation would rise in the second half of the year. Having staked his premiership on getting inflation down, it was one of the few compelling reasons not to delay.
