CPI inflation rose more than expected in the last reading, to 3.6 per cent in June. The MPC now thinks price growth will peak at 4 per cent in September, driven higher by food prices.

In July, McDonald’s brought the ‘snack wrap’ back onto its US menu after a nine-year hiatus. It’s a tortilla with fried chicken, lettuce and cheese, and then whatever sauce customers choose. But most ...