The Bank of England duly complied with the view of just about every commentator, analyst and economist in the financial market yesterday by hiking interest rates by 0.25% to 1.25%. This is the highest level rates have been since 2008.

Those with floating mortgages will see their repayments rise straight away while those on a fixed rate/fixed term will enjoy the luxury of a lower rate for a little longer.

Andrew Bailey, the Bank’s Governor, commented in his post decision press conference that inflation could reach 11% this year. That set off a fury in the press, which believes every word he says.

While the situation in the country is likely to get worse before it gets better, there was a little good news. The wholesale price of both petrol and diesel fell by two pence, although this hasn’t yet been reflected in the pump price.

No one is predicting the end of fuel price inflation, but it is the first move in the right direction for quite some time.

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