Earlier this week, the Office for National Statistics revealed the consumer prices index measure of inflation climbed to 5.2 per cent last month - a hike of 0.7 per cent on the figure recorded in August.
This is mainly due to the fact the cost of essentials such as food and fuel is continuing to go up but, in an interview with the Liverpool Daily Post today (20 October), Monetary Policy Committee member Ben Broadbent believes this pattern will reverse in the near future.
Mr Broadbent visited the north-west of England in order to find out how businesses in the region are coping and assured them that rising inflation is due to "temporary factors" like the VAT increase.
"The headline rate will fall back pretty sharply, especially as we get to the new year and VAT rates fall out of comparisons," he added.
By Asim Shah