As ever, the input price data is an energy story, and the fall in the sterling price of oil in the last month is coming through a little quicker than thought,

We believe that with inflation rising rapidly, and concerns among the hawks that it will be harder to bring under control ... the door has been closed to further cuts.

Services performance was encouraging especially given the glimmers of hope on the domestic demand side.

The rise in output prices confirms signs... that firms are clawing back some pricing power.

Overall, this reinforces signs that we have seen the worst news on UK activity.

The worst news on UK inflation is yet to come. The probability of a further rate cut is clearly reducing.