Inflation is on the wane, but a longed-for sharp drop is far from in the bag

Continued rises in food prices have lead to Bank of England officials revising CPI figures from 3.25% to 5.1% in the last three months of the year. Photograph: Yui Mok/PA

To tackle inflation, the Bank of England is keeping a close eye on the UK’s tight jobs market, ultra-high energy prices and the crippling cost of food.

These are the three main factors that have sent inflation rocketing over the last 18 months. The question is, has Britain reached a turning point and how quickly will inflation fall?