Peter - Many commodities are priced in dollars internationally. This means even though the world price falls, Sterling rapidly loosing value will far outweigh the global price so you might even expect even faster inflation. Sorry but lowering interest rates will lead to falling sterling.

Bob, London,

We need a strong pound so keep rates up and raise taxes to kill inflation.The myth that house prices bring wealth is rubbish and the Blair and Brown myth of a great economy is collapsing as it was based on a massive debt bubble and not real growth on real incomes .

Nicholas, LARNACA, CYPRUS

Here's a question: why didn't food get cheaper while the pound's value was rising?

M.R., Lancaster,

If the Govt carry on borrowing then the BoE have to raise rates or allow sterling to further depreciate, risking a crisis & exacerbating inflation. The social consequences are yet to be realised but lets hope the BoE raise rates to head off any inflation.

Stephen Marchant, Newton Abbot, UK

But oil and grain prices are now tumbling, so this inflation spike will correct again in the coming months.

Peter, London,

The market price for Natural Gas is back to the level of 2003 so why have the energy companies been permitted to increase their prices by 50/60% this year?
If anyone wants to verify this check the NYMEX web site for Natural Gas interactive chart for the last 5 years.

A.Williams, Cradley Heath,

How about re-ordering the pay packages of the BoE MPC members. Basic pay, plus a bonus for acheiving 1-3% inflation - using normal people's inflation indicator. So if they are earning £100k now, perhaps basic = £70k, bonus = £30k.
This may help with anticpating inflation, housing pyramid schemes..

Hugo van Randwyck, London, UK

You stayed outside the euro, now you're enjoying the "advantages" that this brings, like a pound that lost one-sixth of its value since last summer. Enjoy your holidays in the eurozone, they may be your last in that part of Europe for a long time.

Robert, Oostende, Belgium

The sole function of the BOE is not to maintain inflation - they are responsible for amyn of the factors that govern the economic prowess of Britain - it is therefore wholey unfair to say that they ow to political preassure. It is Darling's actions that have damages the economy not the BOE.

Ashley, CHARD, England

And still the BOE who's sole remit is to target inflation will bow to political influence and do nothing

Peter, Aldershot, UK

Fortunately I still managed to get three bottles of excellent wine from my local supermarket last night......

MarkS, Leeds,