Cooling inflation gives Bank of England temporary relief

Analysis: pressure to calm UK economy with higher borrowing costs has eased for now

• UK inflation falls as clothing and footwear retailers cut prices
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It must have come as a shock to those who make a living frightening homeowners about the imminent rise in their mortgage interest.

Headlines warning of hyperinflation and the threat of higher borrowing costs look a little silly after the inflation rate fell by more than expected in July, easing back down to the Bank of England target of 2%.