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Hello, welcome to coffee-house shots.

I'm James Heel and I'm joined today by the spectators Kate Kate Andrews and Lucy Fisher the Whitehall

editor of the Financial Times. Now first of all Kate we got some exciting

inflation use out today what did it say? Well we discovered that inflation on the year to January stuck at 4%.

That is still double the Bank of England's targets, above where it should be,

but the good news is that the bank and economists were expecting that number to take up slightly to around 4.2% was the consensus.

So the fact that it stuck has been received as generally speaking positive news.

It's interesting to think about expectations in this scenario because over in the US

This week we saw that inflation fell from 3.4% on the year to December to 3.1% in January, so a fall and nearly a full percentage point below where

the UK is at, but because people expected a bigger fall, everyone's been saying, oh gosh, you know,

it's all heating up over in the US prices may start

rising more substantially here in the UK where the inflation rate is higher

people are going oh actually things are better than we thought.

And look, there is some positive news here.

It suggests that the trade disruption in the Red Sea

has not been as disastrous as some people initially

feared when it comes to domestic prices.

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