Bank of England will not hit panic button yet over rising inflation

Analysis: it will not be long before UK inflation is above the official 2% target

• UK inflation more than doubles as energy prices increase
• Business live updates: UK inflation more than doubles to 1.5%
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A doubling of the annual inflation rate to 1.5% in April means the UK government's preferred measure of the cost of living is rising at its fastest rate in more than a year. The lifting of restrictions on the economy mean further increases are nailed on over the coming months and it won't be long before inflation is above the official 2% target.

This will not come as a surprise to the Bank of England, which predicted as much in its monetary policy report earlier this month. Despite forecasting this year the strongest growth since the second world war, Threadneedle Street sees rising inflation as temporary. It is certainly not hitting the panic button yet.