Wages are growing at their fastest pace in three years and rising energy prices will drive inflation higher this year, but the Bank expects the headline rate to then start falling.
That is the Bank's reading of the situation, but the last few years have shown us that the "inflation tiger" can be an unpredictable beast and the geo-political risks continue to abound, particularly the US president's tariffs policy.
The headline rate of inflation hit 3% in January, up from 2.5% the previous month and higher than the 2.8% forecast by economists and the Bank of England.
Inflation is rising faster than expected but the latest data is unlikely to shift the Bank of England's stance on interest rates.
While the Bank is unlikely to cut again next month it is still expected to push through another two interest rate cuts this year.
