Yes inflation is rising but it is not because the economy is hot. if your currency weakens marginally against your biggest trading partners, this is the most possible outcome after about a year. I don't see any reason for BOE to hike rates but they may want to do it just not to be seen doing nothing. May it be too late after 3 to 6 months , I don't think so. Borrowing costs are low and I believe it is causing wrong distributions and ineffective allocation of resources but I won't hurry up to hike rates due to inflation when Brexit papers are on the table.