Consumer price inflation in Britain has bounded to its highest level in more than five years, turning the spotlight on whether that spells action from the Bank of England on the U.K.’s record-low interest rate. The Office for National Statistics said Tuesday that headline annual inflation hit 3% — a full percentage point above the BOE’s target — as food prices increased. That’s the highest level of U.K. inflation since March 2012. That should play a part in the Bank of England’s discussion in November on the future of its benchmark interest rate, which stands at 0.25%. The central bank has previously warned that ... (full story)