The Bank of England on 24 June decided to keep its monetary policy unchanged, but warned that, as "global price pressures have picked up further," inflation in the U.K. could "exceed 3% for a temporary period" toward the end of the year on the back of higher energy and commodity prices.

But the UK central bank reiterated, in a release after a meeting of its Monetary Policy Committee, that it is still not ready to tighten monetary policy, as long as spare capacity remains in the UK economy and it hasn't managed to reach its 2% percent inflation target "sustainably," meaning over the medium term and beyond the current temporary spike.