To cut or not to cut? That’s the conundrum facing the Bank of England’s all-powerful Monetary Policy Committee when it announces later today its decision on where interest rates go next.

The MPC’s nine members have interesting figures to digest ahead of making the crunch vote: the latest Office of National Statistics figures show that the UK’s overall inflation rate dipped to 2 per cent year-on-year in May, reaching the Bank’s Holy Grail target for the first time in three years. On a monthly basis, inflation increased by a tiny 0.3 per cent.

This marks the lowest annual change in the consumer price index since July 2021, with the biggest falls in prices ocurring across a range of products from food to furniture.