Rolling coverage of the latest economic and financial newsBank of England urged to slow or halt bond-selling to slash UK borrowing costsThe Guardian view on the Bank of England’s £120bn bill: power without accountabilityGiven high energy prices are driving up UK inflation, the Bank of England will not be pleased to hear the latest transit data from the Middle modity vessel transits through the strait of Hormuz dwindled to just three ships on Wednesday, down from 12 a day earlier.Of the three vessels, an empty Supramax dry bulk ship entered the strait via the Iranian route, while an empty petroleum product tanker entered through a dark route, shipping data from Kpler showed at 0445 GMT.A Panamax tanker exited the waterway using a dark route, the data showed.This week’s data has painted a distinctly mixed picture: inflation is moving further above target and producer costs are accelerating, yet the labour market continues to soften.The result is an uncomfortable trade-off between guarding against a second inflation wave and avoiding unnecessary damage to an already fragile economy.
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