The UK inflation rate has just hit an annual rate of 3.2%. That’s up from 2% in July. It’s the biggest monthly increase since they began measuring inflation in this way (ie, using the Consumer Prices Index – CPI) in 1997.

The main cause of the rise, says the Office for National Statistics (ONS), is higher food costs.

The Bank of England’s target is 2%, so we are above that – again. Will it put up rates? Don’t be stupid: the situation is “temporary”, says the ONS.