So, particularly as oil and gas prices have calmed recently, economists are increasingly thinking that the Bank will try to gauge how fleeting the impact on inflation is likely to be before deciding whether or not to raise rates. That means a change at its meeting next week looks unlikely.
As these expectations of rate rises have eased a bit, the rates for fixed rate mortgages have also started to ease, after climbing rapidly over the last month or so.
And that cost of borrowing is ultimately of course, a cost-of-living pressure for not just homeowners but also landlords and their tenants.
However, no interest rate rises this year would mean no change to rates for savers.
There is, of course, much that remains uncertain as this war continues, but there is one silver lining: for most households, incomes have been rising faster than prices in recent times.
It may not feel like it, but the squeeze for many has eased. Although there too, the outlook is not entirely clear.