Rate rise warning is sign tackling inflation is Bank of England's priority | Larry Elliott

Grounds are being laid to end the flow of easy money sooner than expected

• UK interest rate rise is coming, Bank tells borrowers

An interest rate rise is coming and it is coming fast. That was the clear message from the Bank of England in a marked shift in its policy stance from supporting growth to tackling inflation.

Back in November when Threadneedle Street raised borrowing costs for the first time in a decade it sugared the pill with some doveish language that suggested there would only be two further increases over the next three years.

Inflation is when prices rise. Deflation is the opposite - price decreases over time - but inflation is far more common.