Bank of England interest rate decision still on a knife-edge despite rise in inflation

Analysis: an increase would do nothing to alter the course of rising prices

• UK inflation jumps to highest level in 10 years
• How rising costs are hitting UK businesses
• Business live updates: UK inflation soars to 10-year high of 4.2%

When Bank of England officials meet next month to discuss interest rates, the betting is that today's inflation number, showing a forecast-busting 4.2% rise in October, should convince them to respond with an increase in the cost of borrowing.

If they do, the decision might appear inconsistent.