Flights, food and fuel: What you need to know about the latest inflation figures

The food industry and supermarkets are energy-intensive industries, which means they face risks from higher energy costs.

While the Food and Drink Federation is warning that their members could be increasing prices by 9 or 10% by the end of the year, that might not come to pass.

Customers are more stretched than they were in 2022, more cautious after years of climbing prices. They are also wary of spending as the jobs markets remains challenging.

Many have already traded down to more affordable options as far as they can in spending habits, so retailers may find it harder to pass on higher costs on as price rises, without damaging custom.

And the prices of foodstuffs such as wheat have not rocketed as they did in 2022 as there isn't the risk to supplies. Ukraine is a key source of stables including wheat and sunflower seeds.

The Bank of England's job is to get inflation down to its 2% target and keep it there. Ahead of the war, with inflation set to dwindle, rate cuts seemed to be on the cards.

But, as we know, a lot has changed. The outlook for inflation, especially in the early weeks of the war, had some predicting rates would rise, perhaps several times.

The Bank has suggested it would take a more cautious and pragmatic approach. It knows higher rates can't influence global energy prices. And an energy price shock can knock the winds out of spending and so growth; rate rises could just make that worse.

So, particularly as oil and gas prices have calmed recently, economists are increasingly thinking that the Bank will try to gauge how fleeting the impact on inflation is likely to be before deciding whether or not to raise rates. That means a change at its meeting next week looks unlikely.

As these expectations of rate rises have eased a bit, the rates for fixed rate mortgages have also started to ease, after climbing rapidly over the last month or so.

And that cost of borrowing is ultimately of course, a cost-of-living pressure for not just homeowners but also landlords and their tenants.

However, no interest rate rises this year would mean no change to rates for savers.

There is, of course, much that remains uncertain as this war continues, but there is one silver lining: for most households, incomes have been rising faster than prices in recent times.

It may not feel like it, but the squeeze for many has eased. Although there too, the outlook is not entirely clear.