"Inflation is moving in the right direction, although more slowly than we would want to see"

Mark Harris, chief executive at mortgage broker SPF Private Clients:

“Inflation is moving in the right direction, although more slowly than we would want to see and it is unlikely to be enough to stave off another rate rise.

“Swap rates rose on the back of the inflation figures this morning and it is likely that more lenders will reprice their mortgages higher.

“Borrowers who are unsure as to whether to take a fixed-rate mortgage now or hold out in the hope of cheaper rates in the future should seek advice from a whole-of-market broker.”