Inflation is on the wane, but a longed-for sharp drop is far from in the bag

Energy bills and a tight labour market continue to cloud predictions of a steep decline by the end of the year

To tackle inflation, the Bank of England is keeping a close eye on the UK's tight jobs market, ultra-high energy prices and the crippling cost of food.

These are the three main factors that have sent inflation rocketing over the last 18 months. The question is, has Britain reached a turning point and how quickly will inflation fall?