Morgan Stanley chief economist warns cost-of-living crisis is far from over despite inflation drop

A top economist at Morgan Stanley has warned that it is too soon to see the slight reduction in interest rates as a sign the economy has turned a corner, insisting that it was ‘way premature’ to celebrate.

On Wednesday the government released the latest consumer price index report, which showed inflation hit 8.5 percent for the month of July – down from 9.1 percent in June.

On a monthly basis, prices were unchanged from June to July – the smallest such rise for more than two years.

Falling gas prices were credited for last month’s relative decline from June, but this was driven partly by…

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