Mr Fitzner told the BBC’s Today programme that “under the bonnet” price rises remained under control, with services inflation down in July and food prices unchanged.
“This still suggests that inflation pressures at least in the short run are fairly moderate,” he said.
According to the Institute for Fiscal Studies think tank, food and drink prices surged by 28.4% between September 2021 and September 2023.
Its latest analysis suggested that less well-off households saw their food bill rise by far more than those with higher incomes, as the sharpest price increases had been applied to cheaper brands.
But in July, food price inflation had settled down to just 1.5%, according to the ONS.
Meanwhile, price rises in the important services sector – which includes things like hotel stays, gym subscriptions and car repairs – have started to edge down.
Services inflation in July stood at 5.2% – down from 5.7% in June and 7.4% in July 2023, which was the joint highest rate for more than 30 years.
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