“There is nothing mechanical or automatic about the policy, and there are many links in the chain, ” points out Jonathan Loynes of Capital Economics, a consultancy.

"There is nothing mechanical or automatic about the policy, and there are many links in the chain," points out Jonathan Loynes of Capital Economics, a consultancy.

The Governor will "be relieved that those forces that they have long argued will bring inflation back down appear finally to be asserting themselves," said Jonathan Loynes from Capital Economics.