Another week, another reason for the Bank of England not to raise interest rates.
The latest is the surge in gas prices. These have quadrupled since February, and will lead to Ofgem raising the energy price cap for retail customers by 12 per cent next month. That alone will add 0.4 per cent to the CPI, and many customers will face even bigger rises as the low-cost tariffs offered by now-defunct suppliers disappear.
But shouldn’t higher inflation mean higher interest rates?