Thanks for joining me. Inflation has fallen to its lowest level in more than a year after a drop in the energy price cap outweighed the oil shock from the Iran war. The consumer prices index (CPI) fell to 2.8pc in April, according to the Office for National Statistics (ONS), after Ofgem reduced annual household energy bills by £117. Economists fear the larger than expected fall in inflation is a false dawn before a surge in prices later this year linked to the conflict in the Middle East. Petrol prices on Tuesday hit their highest level since the start of the war, having risen by more than 25p a litre since February. Inflation accelerated to 3.3pc in March after the outbreak of the war, which has sent oil and gas prices soaring after exports through the Strait of Hormuz were effectively cut off. However, CPI slowed in April to its lowest level since March last year after the Chancellor took some green levies out of household bills, allowing Ofgem to reduce its price cap.…