Inflation is expected to have fallen last month by more than one per cent, which will provide some encouragement to the MPC for it to consider when to pause or halt entirely the current cycle of interest rate hikes.

However, wholesale price increases already in the system may see some of that fall reversed in September. This will be a double-edged sword for one section of the community.

The “triple lock” on state pensions and other benefits will be applied next April and is expected to be well above the rate of inflation at that time.

At its most recent meeting, the MPC showed a three-way split, with the independent members all having differing views of what the Bank of England should do with monetary policy.

Swati Dhingra voted for no change, while Megan Greene voted in line with the permanent members of the committee for the twenty-five-point hike, which was eventually agreed upon, while Catherine Man and Jonathan Haskell voted for another fifty points.

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