Commenting on UK inflation rising to 4.2% and the Bank of England needing to be patient, Dan Boardman-Weston, CIO at BRI Wealth Management, said: “Inflation came in at 4.2% in October up from a reading of 3.1% in September and the highest level in nearly a decade. The rise was a little ahead of forecasts of 3.9% and was predominantly driven by household energy bills, the price of fuel at the pumps and the cost of restaurants and hotels. The level of inflation is going to keep getting worse over the coming months as supply stays stretched, demand stays robust and base effects technically push the rate of inflation higher. This is undoubtedly going to put pressure on the Bank of England to raise rates, which we suspect they will have to do in the next few months given the high levels of inflation and robust labour market. Nothing we see leads us to believe that this inflation is permanent and as we start heading into Spring next year the figures will start falling rapidly. The Bank of England needs to be careful that they’re not too hasty in tightening monetary policy as a policy misstep could do more harm to the economy than this transitory inflation we are witnessing.”