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Hello and welcome to Coffey House shots The Spectators Daily Politics Podcast.

I'm Oscar Edinson and I'm joined today by James Heel and Kate Andrews.

So today we have some news about the inflation rate, which rose to 2.2% in July, slightly up from the Bank of England's target of 2%.

Kate, why has the inflation rate gone up again?

Well, the simple answer to that is that energy costs haven't fallen as rapidly as they did in the previous year.

So we have seen a slight uptick as you say Oscar to 2.2% in the 12 months leading up to July.

That's up from 2% as it was in May and June, which is right on the Bank of England's target.

It should be said that this was widely anticipated.

In the last minutes from the Bank of England when they did that first

interest rate cut small slope is still a major moment you know they noted that by the

end of the year they expect inflation to rise slightly just under 3%. Nothing like what we saw during the inflation crisis.

And the inflation rate is going to be in slight flux. That's okay.

Their forecast suggests that will actually fall under target

slightly in the years to come. Now, of course, we don't know what is to come. There could

be another shock. Anything could happen. We live in a state of permacrisis for sure. You know, this was expected, so this isn't

a terrible shock and I don't think it changes much. Now a lot of forecasters have been saying

the Bank of England is still being hawkish. They were able to do a small

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