But look at a host of other metrics from elsewhere and it's clear the economy is that bit stronger than expected.Average five-year mortgage rates above 6%was a big increase in jobs - the biggest in more than a year - which implies that people's spending power will increase and alongside it the prices charged by retailers.
Indeed, markets are now pricing in yet another half percentage point increase from the Bank of England at its next meeting in August, which would take UK official rates to 5.5%.Please use Chrome browser for a more accessible video playerNot long ago most economists and traders were betting that UK borrowing costs were unlikely to exceed 5% and many thought they would settle far below them. Now we are heading well beyond that.
On the flipside, these higher rates should mean higher savings rates, though the reality is that banks are far quicker to pass on these increases to borrowers than they are to savers.There is a chance that rather than coming in above expectations, inflation numbers begin to conform to expectations or even undershoot them. If that happens then much of the current upwards movement may begin to lose momentum.
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