Despite this week’s inflation update, broad consensus remains that the headline rate is going to fall – significantly – this year. One of those people is the governor of the Bank of England. Andrew Bailey has told Media Wales that ‘a corner has been turned’ on those price hikes, as it appears the consumer prices index (CPI) has peaked and is now on a downwards trajectory.

Bailey, ever the optimist, has a bad track record on these kinds of predictions.