CPI inflation remained at 3.1% in September but the figure is still well above government targets.
The Bank of England has resisted growing calls to deliver more stimulus to the economy while maintaining interest rates at the historic low of 0.5%.
The BoE's Monetary Policy Committee is likely to be split three ways in today's interest rate and QE decisions, but which is the best path to tread?
Government bonds jumped on Wednesday on rumours the Bank of England could be moving closer to increasing its £200bn "money-printing" programme to buoy the recovery.
Dr Andrew Sentance remains the lone member of the Bank of England Monetary Policy Committee to argue for an increase in interest rates.
Is the new agreement too lax a timetable for the banks to comply with?
The Bank of England has focused too much on avoiding deflation at the expense of countering declining real incomes, according to Cazenove.
A cooling global economy and an impending austerity squeeze in Britain will make the Bank of England (BoE) wait well into next year before hiking interest rates, a poll of 60 economists suggests.