The Bank of England has forecast that inflation, which reached 2.1% in May, will hit 3% or more later in the year

CPI 12-month inflation rates, UK,

May 2011 to May 2021

5%

Andy Haldane said he expected a surge in consumer prices would drive UK inflation closer to a peak of about 4% this year

4

3

Forecast

3% rise

2

1

0

-1

2011

2013

2015

2017

2019

2021

Andy Haldane said he expected a surge in consumer prices would drive UK inflation closer to a peak of about 4% this year

CPI 12-month inflation rates, UK, May 2011 to May 2021

5%

4

3

Forecast 3% rise

2

1

0

-1

2011

2013

2015

2017

2019

2021