If we get confirmation of a fall in inflation shortly, particularly if that is coupled with a drop in so-called core inflation (which strips out volatile factors such as food and energy), policymakers at the Bank of England might be given confidence to hold interest rates at 5.25%.

With the UK economy barely growing, that would be welcome news for businesses, as well as consumers who have been hit hard by rising borrowing costs and will hope rates have peaked.

But it remains a delicate balance, especially if the inflation rate remains stuck, stubbornly high, or even starts to go up again.

Remember, the target rate is 2%.The committee that sets interest rates next meets at the start of November. Today might signal, but won’t settle, the decision they make in a couple of weeks’ time