Economists, in a forlorn attempt to make their dismal science more approachable, are often referred to either as doves or hawks. Since nothing is ever simple for these strange birds, there are dovish hawks and hawkish doves, as well as a myriad of other crossbreeds. All sorts of titbits – which to the human palate are about as dry as corn – get them brooding, or into a flap. But Tuesday’s unexpected low inflation rate had doves and hawks cooing. Meanwhile, news about the latest Bank of England vote on interest rates served to smooth many a ruffled feather.

Although everything in economics is related to everything else, it would be a mistake to link the inflation number and the Bank vote too closely. For while both results became public on consecutive days this week, the vote took place two weeks ago. As the interest-rate setters voted 9-0 to hold rates at 5.75 per cent they were unaware that inflation was falling to 1.9 per cent. The Bank voted to hold rates because committee members thought it would be unwise to raise them too rapidly, rather than because they thought inflation was under control.

This week’s lower-than-expected inflation figure does not remove the chance that home-owners will have to shoulder more costly mortgages in future, although it does increase the likelihood that interest rates have peaked. Just as the Bank accurately predicted that an upward spike in inflation reported in March was temporary, it has been saying that inflation will fall over the summer and could be similarly short-lived. Oil, and other types of energy, has softened inflationary pressures recently but the probability of future rises remains a worry. Food prices, although lower in recent weeks as supermarkets have fought for shoppers’ custom, may now rise.

The Bank still suspects that companies will bolster their profits by pushing through price rises and be assisted by a scarcity of production capacity. Further inflationary pressure could come if the pound, which fell back through the $2 mark this week, continues to slide. Meanwhile, inflation numbers reported in previous Julys, thanks to the variable timing of high street sales, and the depth of discounting, tend to wander from the underlying trend. These are uncertain times.

The fall in inflation does give succour to the still turbulent financial markets. Yoyoing stock markets, scared witless at the possibility that dangerous amounts of dubious debt are washing around the system, need a rise in the cost of borrowing like a hole in the head. They will enjoy the respite – however temporary it may prove eventually. It is also helpful that the markets can enjoy this relief without the Bank being made to look as if it is pandering in the face of woes that irresponsible investors brought upon themselves.

The markets will also enjoy seeing the Bank of England’s interest rate committee vote unanimously. Others, whether they are homebuyers in Harlow or shopkeepers in Staffordshire, should be similarly relieved. Previous split-vote interest-rate decisions were beginning to sow seeds of doubt about the Bank’s ability to find the right answers to economic questions that are always slippery and could yet become more difficult. The doves are in finer fettle than the hawks just now (assisted by falling unemployment and stable wage increases announced yesterday), but it is too early to start counting unhatched chicks.