New figures from the Office for National Statistics this morning show inflation sitting just above the Bank of England’s target for a second consecutive month. Up slightly from June’s on-target performance, low enough to prompt the Bank to cut rates for the first time since 2020…

The figures are in line with economists’ expectations while the markets have it at 35% that the BoE will cut rates at midday tomorrow. The ONS says rising air fares countered drops in motor fuel and hospitality prices. Core inflation minus food and energy has pushed up to 3.6% from 3.3%, driven by a jump in services inflation. Jeremy Hunt takes the opportunity to say Labour has to do “the hard work to keep inflation down” by “rejecting potentially damaging new employment rights“. Reeves can always blame the Tories…