That is according to Mervyn King, governor of the Bank of England, who has informed chancellor George Osborne that the figure is expected to decline towards the government's target of two per cent by the end of 2012.
Yesterday (15 November), official data revealed that Britain's inflation hit five per cent in October.
However, Mr King insisted this was primarily down to the knock-on impact of the ongoing eurozone debt crisis and should therefore ease in the coming months.
The official went on to say this was also the main reason the Bank recently opted to implement a second round of quantitative easing.
This comes after Mr King's colleague Robert Jenkins noted in an article for the Guardian that reforms to the British banking system are needed sooner rather than later.
By Asim Shah