The Bank of England will need to take action as inflation remains excessively high.

Recall the iconic line used in the advertising campaign for Jaws 2? It went something like this: “It’s safe to go back into the water, or is it?”

According to the Consumer Prices Index (CPI), the yearly inflation rate has reached a staggering 10.1%, still firmly in double digits. It had been forecast to drop into the single digits.

The week started off positively enough, with Deloitte issuing a report stating that leading finance directors in the UK were feeling more confident than ever. They expressed genuine optimism that the period of skyrocketing prices could finally be coming to an end.