inflation

Core inflation, that's with food, energy and tobacco stripped out, and is the measure that the Bank of England pays more attention to when deciding on interest rates, was 1.6 per cent, the same as the month before.

We know that sterling is cheaper, and this will lead to higher prices, but once the sterling effects reduces, inflation should fall.

Returning to Mr Tombs, he said: "Looking ahead, we continue to expect CPI inflation to rise sharply over the coming months, reaching 3 per cent in May and peaking at about 3.5 per cent towards the end of 2017, as sterling’s depreciation boosts food and core goods prices and as energy firms hike prices. With wage growth looking anchored at about 2.5 per cent, a sharp slowdown in consumer spending continues to beckon."

So that's worrying.

On the other hand, Paul Hollingsworth, UK Economist at Capital Economics said: "We expect CPI inflation to peak at around 3 per cent in Q4. While this is a significant rise, would not be anywhere near as high as the five per cent peak seen in late-2011 when the drop in the exchange rate was exacerbated by a string of other pressures such as the sharp rise in oil prices and VAT hikes. And crucially, we doubt that this will be strong enough to panic the MPC into hiking interest rates. "

There is little disagreement over the idea that UK inflation will increase later this year.

But there is disagreement on how serious this, and for how long the problem will persist.