King sent an open letter to the Chancellor of the Exchequer revealing that inflation will probably move between 4% and 5% over the coming few months to remain above target in 2011 and come back in 2012, clarifying that the rise in energy prices, sterling's depreciation since 2008and the VAT were the main reasons behind the rapid price acceleration.

He added that further details will be revealed in February's inflation report due this week, which will proved updated growth and inflation forecasts.