Inflation remains a key aspect of the discourse on the global economic outlook and the trajectory of interest rates. Indeed, with inflation still well above target, whilst labour market conditions remain tight, price dynamics continue to be front and centre of central bank’s monetary policy deliberations. This was very much in evidence last week at the June meeting of the Bank of England’s Monetary Policy Committee (MPC). The BoE raised rates by 50bps in response to signs that inflation was proving stickier than had been expected in the UK.