The Bank of England (BOE) is under increased pressure to maintain increasing interest rates despite the increasing danger of financial instability.

Housing expenses are included in retail price inflation. Which increased to 13.8 percent from 13.4 percent, the highest percentage between major industrial economies.

The data, which were released a day before the BOE was scheduled to reveal its most recent policy choices, considerably raise the possibility of another rate hike.

While there will be a case for keeping the United Kingdom rate at this week’s Monetary Policy Committee (MPC) meeting given the recent turmoil in the financial system.

The ONS price basket gives food the most weight, as its price alone increased by 2.1 percent on the month and 16.8 percent on the year, marking the fastest inflation in 45 years.

The annual factory inflation rate dropped to 12.1 percent as a result, which is the lowest level since previous March. Last year, the rate of PPI peaked at 17.1 percent, but by Jan, it had dropped to 13.5 percent.