Is the cost of living crisis over? Here's what the data reveals

If you're looking purely at the annual inflation data, the numbers us journalists, not to mention politicians and economists, tend to focus on, the answer might seem like: probably, yes. Sure, the rate is, at 3.4% in May, higher than the Bank of England's 2% target. Plus, the Bank itself thinks prices are likely to drop back down towards 2% in the coming year or two, even assuming a few more interest rate cuts.