BoE reveals inflation concerns as the CPI rises to 3.4% highs

Inflation figures released last week by the Office for National Statistics show a higher-than-expected jump, while the Bank of England's Monetary Policy Committee (MPC) has revealed its members are increasingly worried about the rise.

Consumer Prices Index inflation climbed to 3.4% in March, exceeding the 3.2% expected by analysts, and up from 3% in February. An alternative inflation measure, the Retail Prices Index (RPI) jumped sharply, up from 3.7% to 4.4%. Some commentators suggested this could push the Bank of England to make policy changes to stem rising inflation. Howard Archer, the chief UK and European economist at IHS Global Insight, says the spike in inflation means an interest rate hike before the end of the year is possible. The MPC revealed in the minutes of its meetings between the 7 and 8 April, i...