Clearly this is a serious situation; CPI is well over twice its target now. The Bank of England needs to start exercising extreme vigilance straight away, and maybe look into the possibility of writing a letter, saying something, to someone, if the situation does not improve over the medium or longer term.The UK Consumer Prices Index (CPI) annual rate of inflation rose to 4.5% in April, up from 4% in March. However, the Retail Prices Index (RPI) measure of inflation - which includes mortgage interest payments - fell slightly to 5.2% from 5.3% in March. (BBC)
However it would not be prudent to take any action as such; we must always factor in the possibility that inflation might fall back to its target without any adjustment to the Bank Rate or other interventions. Give this possibility a policy of vigilant inactivity must be pursued with the utmost vigour immediately.