The battle against inflation is being won – and it is being won slightly more quickly than economists expected. Prices are still going up but the tide has turned. Unless something sudden and unexpected happens, the annual increase in the cost of living will be below the government’s 2% target within months.
Those are the clear messages from the latest inflation data from the Office for National Statistics (ONS). What is less clear is when the Bank of England will start cutting interest rates in response.
