Price inflation, as measured by the Consumer Prices Index, has risen sharply to 2.7% for the year to April; its highest level in four years.

It means that, after a prolonged period of below target inflation, the Bank of England target of 2% is being left decisively behind.

With the Bank forecasting price inflation to peak at 2.8%, such a sharp rise in one month suggests they got their latest forecast badly wrong and might even have missed the opportunity to use higher interest rates to cool inflationary pressures.

There's something else within this latest release from the Office for National Statistics worth noting.

Their preferred form of price inflation is CPIH, which includes owner occupiers' housing costs. 

CPIH reached 2.6% for the year to April, which is also its highest in nearly four years. Owner occupiers' housing costs account for around 17% of CPIH, which results in the small difference between CPI and CPIH measures of price inflation.

The ONS notes that, until recently, CPIH has been higher than CPI inflation. However, towards the end of last year the inflation contribution from owner occupiers' housing costs started to fall, with other prices continuing to rise.

What this means is that individuals who own their home are now experiencing slightly lower price inflation than their counterparts who are renting. 

The next set of inflation figures will be interesting, showing whether such a sharp rise last month was a temporary blip or the start of a longer trend.