GEOFFREY WOOD | CASS BUSINESS SCHOOL
Yes, and it is already too high, after the Bank yet again made the mistake of keeping rates at 0.5 per cent. For years they have gravely underestimated external price influences, and so consistently missed its two per cent inflation target for CPI.
IAN STEWART | DELOITTE
Most people have a similar view to the Bank, that inflation is largely due to transient, external shocks. It is not clear what drivers of underlying inflation might be. But credibility of the “temporary shock” argument falls, the longer above-target inflation persists.
HOWARD ARCHER | IHS GLOBAL INSIGHT
The data is expected to show annual consumer price inflation climbed to a 30-month high of 4.6 per cent in March. We expect it to reach a peak of 4.9 per cent in the second quarter, but will hopefully start trending lower in the second half of the year.