If today's inflation figures exceed 3%, they will continue to erode consumers' spending power and savings and significantly outstrip wage rises, which increased by just 1.3% in the three months to April compared with a year earlier.
Inflation last hit 3% in April 2012 and has remained stuck above the Bank's 2% target since December 2009.
Figures from the British Retail Consortium recently showed food price inflation rose to 2.7% in June from 2.4% in May, as seasonal price pressures bled through to higher shelf prices.
However, prices of non-food items fell 1.9% in June from 1.5% a month earlier.
More top news
One person has been confirmed dead and several are injured in the ongoing incident in Las Ramblas.
A number of fatalities and several injuries have been reported after a van has crashed into people in the Ramblas area of Barcelona.
John Underhill said geological changes 55 million years ago mean the UK's geology is unsuitable for shale oil and gas production.