The BoE can’t blame sky-high prices anymore. Consumer price inflation fell to just 2.3 percent in April, just a whisker above the its target of two percent.

Last time inflation was around this level, three years ago, base rates stood at just 0.1 percent. So why are they more than 50 times higher at 5.25 percent today?

It’s not as if the UK is running red hot and house prices are going through the roof. Quite the reverse. As we learned this morning, economic growth has flatlined.

Today’s base…