Could it be the beginning of the end for the cost-of-living crisis? Inflation slowed last month to 6.8 per cent, the lowest rate since February last year, thanks in large part to falls in gas and electricity prices. This means that wages are now rising faster than prices, with average basic pay surging by a record 7.8 per cent in the three months to June.
Yet for both ministers and households, it may be premature to put the champagne on ice. That is because core inflation, which strips out more volatile prices such as food and energy, remains unchanged, while services prices rose. As a result, borrowers should brace themselves for a further interest-rate rise.
Clearly, slowing inflation is welcome. The UK economy cannot deliver sustainable growth without price stability. But we remain a long way from the Bank of England’s two per cent target. Today’s figures are more evidence that energy prices are falling, rather than a sign that the Bank has finally gripped inflation. In other words, there is a long way to go before victory can be declared.
Shocking attack
“I COULD never be prouder or more gay than I am today!” The iconic words of one of the victims of a homophobic attack in Clapham, in a post on Instagram.
The man, known only as Neil, wrote that he’d “not been left feeling sad, nor angry, or confused,” but that he’d “just been left so many questions”. As have many Londoners. The violence was shocking, even more so because it occurred in what should be a safe space for LGBTQ+ people.
Last night, police released an image of a man they want to speak to in connection with the stabbings outsidethe Two Brewers bar on Sunday. We urge anyone withinformation to come forward.
A tip on tipping
It IS important to leave a tip. Unless the service is heroically, deliberately objectionable, leaving something extra for the staff is part of the dining contract. But some restaurants are trying to amend the small print.
The Evening Standard’s Reveller Editor, David Ellis, recently visited Chung’dam in Soho (reviewed in today’s newspaper) and, on paying the bill, was informed that the standard 12.5 per cent add-on was for the kitchen only. If he wanted the front of house to see anything, that was extra.
Inflation may be falling, but this is perhaps a ruse for when Londoners have enjoyed a few more months of real-wage growth. And even then — probably not.
