Inflation is back, but not enough to alarm the Bank of England

There is still a risk that inflation could go negative again over the next couple of months

Well, that didn't last long. A month after the cost of living turned negative for the first time in more than half a century, inflation was back.

In truth, there is little difference between the fact that prices on the government's preferred measure fell by 0.1% in the year to April and that they rose by 0.1% in the 12 months ending in May. Inflationary pressure remains weak and is likely to remain so.

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