Mervyn King, the Bank of England’s governor, has been forced to exchange letters with the chancellor of the exchequer on Tuesday, explaining how he plans to restore price stability after official data showed UK consumer price inflation rose to 3.3 per cent in May.

UK Daily View: Inflation surge triggers letter from Bank

Chris Giles on dovish public explanation from Mervyn King after inflation hits 3.3%

The figures showed prices accelerating faster than expected almost across the board – in both goods and services – although the prices of food, petrol, gas and electricity still account for most of inflation’s rise.