As the minutes from the Bank of England’s policymakers latest meeting are released, it is becoming clear that there is a move towards raising interest rates.

Mr Weale said that while inflation had been boosted in recent months by temporary factors, he was concerned that this could feed into people’s expectations about future inflation, making price rises self-perpetuating.

It is oblivious that as inflation rises we start to build the expectation or higher inflation into our behaviour and it becomes a self fulfilling prophecy.

Mr Posen wants us to downplay the risk of inflation.  Which world is he living in.  Everything that we are spending money on is getting more expensive.  Petrol prices, insurance costs, food, energy…..  No matter how much we wish that interest rates stay low and no matter how much we wish that inflation does not go up, this will not stop it from happening….