Good news on UK inflation may be short-lived amid trade war and rising household bills

Worsening global outlook makes gradual and careful' approach on interest rates by Bank of England more difficult

• UK inflation falls to 2.6%, increasing pressure on Bank to cut interest rates
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Cooling inflation, resilient wage growth, and an economy outperforming expectations. After the turmoil since Donald Trump's liberation day", there are some signs that Britain entered the crisis in reasonable shape.

The trouble is, the good news is unlikely to last long. The bigger-than-expected decline in inflation to 2.6% in March will come as a welcome reprieve for hard-pressed households. But it is a snapshot from a rear-view mirror, on an increasingly rocky journey.