BoE MPC member Andrew Sentance said that inflation in UK may exceed 5.0 percent despite the recent decline in inflation price, where the depreciation of the pound, may spur price acceleration over the upcoming period, accordingly, the need to hike rates remains valid.

There's still quite a bit of evidence that there's some further upward pressure on inflation to come, Sentance said in an interview, where he voted for interest hike since June 2010 as inflation threats continue to mount.

Sentance added that more imported inflation than we would have if the pound was a bit stronger and therefore that's reinforcing the squeeze on consumer spending, Adding that We're going to see a further upward move in inflation through the summer and there's clearly a risk that inflation goes up to 5 percent or a bit above.

Inflation in UK slowed to 4.0% in March, compared with 4.4% a year earlier, but remains at double the desired level set by the bank for price stability at 2.0 percent.