Inflation isn’t out of control yet, governor, but can you reassure us it won’t be?

The Bank of England's Andrew Bailey needs to say what he will do if the rate of price increases - already 2.5% - remains high

The UK's annual rate of consumer price inflation was 2.5% in June, we learned last week, up from just 0.7% in March. It has arrived at that point sooner than almost every economist had expected in the spring. Now the forecasters agree 3% is a nailed-on certainty this year, with a few saying 4% will be seen.

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