Commenting on the latest inflation figures, published by the ONS today, Ian Stewart, chief economist at Deloitte, said:

“Set against inflation of over 9.0%, base interest rates of 1.25% remain by historic standards very low. Significant rate rises lie ahead we expect base rates to more than double in the next six months.

“The Bank of England is presiding over what seems likely to be the sharpest tightening of monetary policy since the 1980s. It is touch and go as to whether the Bank will be able to curb inflation without triggering a recession.”