Bank may have to act on interest rates as inflation kicks the poorest hardest

With food prices surging at 18 per cent, the MPC simply can’t afford not to act, writes James Moore

The ONS revealed CPI inflation rose to 10.4 per cent in February from 10.1 per cent in January (PA)

I doubt Catherine Mann would kick off a meeting of the Bank of England’s Monetary Policy Committee (MPC) with: “See, told you.”

But with inflation jumping back up to 10.4 per cent in February, she might feel like doing so.

It will be interesting to read the minutes of the latest meeting to see if there is any hint of that in coded language, but that’s being flippant when this is no laughing matter.