Mr Sunak said that the fall in the Office of National Statistics headline rate meant the Tories’ “plan is working”.
Barclays said a three-year fix would increase by 5.8pc to 4.57pc and its remortgaging offers would rise by up to 0.25 percentage points.
On the bank’s two-year fixes for purchases and remortgages of above £2m, the interest rates on offer will rise by up to 0.3 percentage points, with a two-year fix with a 75pc Loan-To-Value (LTV) increasing to 5.05pc.
Barclays cut its mortgage rates last week, alongside TSB and HSBC, but its decision puts its offerings above those of its close competitors.
Other major lenders, including Santander, announced that their mortgage rates would be cut.
Santander will drop its five-year fix on a 60pc LTV from 4.5pc to 4.42pc, whereas its three-year fixes will see drops of up to 0.26pc from Friday.
In a boost for prospective landlords, the bank’s buy-to-let rates will be cut by up to 0.2pc, with a two-year fix on a 75pc LTV to be priced at 4.96pc.
TSB will also cut rates from Friday. Its rates for first time buyers will drop by up to 0.40pc, and it will reintroduce two-year trackers for both new and existing mortgage customers.
Halifax is also among lenders who have announced cuts since the inflation data was released on Wednesday.
The Bank of England has held the Bank Rate at 5.25pc since last August, following 14 consecutive rises from December 2021.
