Paul Munford (pictured) is chief executive officer at Century Capital
With so much uncertainty around, 2017 should not be the year of the rate rise; which would be the first rate rise for eight years.
All the world’s major central banks have inflation targets around 2%, therefore we would expect the current inflation rise to 2.9% to be temporary.
Consequently there should be no cause for alarm. The overriding issue is that people are unlikely to see much wage growth this year and it’s simply too early in the cycle to countenance and rate rise.