The Bank of England is widely expected to keep interest rates on hold later today amid global uncertainty and surging food and oil prices.
Most economists think the majority of the members of the Monetary Policy Committee (MPC), which sets borrowing costs, will vote to keep the Bank Rate at 4.25pc.
The MPC has voted to cut rates at every other meeting since it started easing borrowing costs last August, from a peak of 5.25pc.
However, official figures on Wednesday showed inflation remained persistent at 3.4pc in May, which is well above the Bank of England’s 2pc target.
Food prices surged during the month at the fastest pace since February last year, the data showed, just as the conflict in the Middle East triggered a spike in the price of oil.
