While there were weak hopes that inflation might drop back to the 2% Bank of England target rate, forecasters were prepared for an unchanged or slightly higher figure. This almost certainly means we have to wait a little longer for the next ¼% rate cut, that most economists feel will happen before the year end.

Substantially higher air fares and transportation costs are the main culprits with pump and restaurant pricing lower.

The global economy, given the amount of conflict going on  is fragile, as is our part of it in the UK and the Bank of England needs a more stable inflation rate before following the US and cutting rates.