As cost of food and fuel soars, is there an appetite to raise UK interest rates?

Analysis: Bank of England faces tough call as apple prices rise by 25% and Omicron cases increase

• UK inflation jumps to 10-year high as petrol prices soar
• Q&A: what does the UK's soaring inflation rate mean for you?

Things are moving fast for the British economy. Inflation has soared to the highest level in a decade, breaching 5% months earlier than expected. The headline figure masks much steeper rises for everyday items - the cost of apples and pears is up 25% in a year.

Meanwhile, consumer confidence is evaporating as the coronavirus Omicron variant spreads through the population with unprecedented pace.