Bank of England says inflation has ‘turned corner’ despite soaring food prices

Governor optimistic over economic recovery but concedes Bank has lessons to learn' after forecast errors

• From CPI to stagflation: how the UK tracks price rises and what key inflation terms mean

The Bank of England governor has insisted that inflation has turned the corner", despite the UK being hit with the fastest annual growth in food prices since the 1970s amid the cost of living crisis.

Andrew Bailey said annual inflation was on track to fall sharply in the face of a recent drop in wholesale energy prices, coupled with the prospect of last year's jump in gas and electricity bills for British households dropping out of the annual figure.