There is increased pressure for the Bank of England to raise rates as inflation surges to its decade high. The annual rate of the consumer price index rose to 4.2% last month, up from 3.1% and the fastest pace since November 2011. Inflation rose to more than the BoE’s 2% target and was considerably higher than economists’ 3.9% forecast. This rising inflation has been a result of continued surging household energy bills and increased costs for fuel and second-hand cars. Prices for restaurants and hotels have risen too. All of this points towards the Bank of England and specifically Andrew Bailey: these inflated numbers may seal his decision next month to raise rates after his choice – to the surprise of many – to not hike interest rates at this month’s meeting.