Those with risk jobs see inflation reach 3.7%

The Bank of England remains under pressure to raise interest rates, amid the news that inflation has hit 3.7 per cent.

Those with risk jobs in London may be interested to know that this is just marginally below the recent forecast from the Ernst & Young ITEM Club of inflation peaking at four per cent in February.

It is also above the government's target of two per cent.

In November, the Consumer Prices Index - the UK's marker for inflation - stood at 3.3 per cent, with the Office for National Statistics reporting the biggest month-on-month increase - one per cent - on record.

However, Peter Spencer, chief economic advisor to the Ernst & Young ITEM Club, recently urged the Bank of England to "hold its nerve" and not push up interest rates in response to temporary inflation increases.

The UK's base rate of interest currently stands at 0.5 per cent, where it has remained since March 2009.

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