Bank of England says inflation has ‘turned corner’ despite soaring food prices

The governor of the Bank of England, Andrew Bailey, speaking to MPs on the Treasury select committee in the Commons. Photograph: House of Commons/PA

The Bank of England governor has insisted that inflation has “turned the corner”, despite the UK being hit with the fastest annual growth in food prices since the 1970s amid the cost of living crisis.

Andrew Bailey said annual inflation was on track to fall sharply in the face of a recent drop in wholesale energy prices, coupled with the prospect of last year’s jump in gas and electricity bills for British households dropping out of the annual figure.