Pressure is likely to mount on the Bank of England's monetary policy committee (MPC) this week as inflation is expected to have hit a five-year high in September.
The consensus forecast of economists polled by Reuters sees the consumer price index (CPI) rising to 3% during September, up from 2.9% in August.
Official CPI data is published by the Office for National Statistics on Tuesday, right ahead of a meeting between Bank of England governor Mark Carney and the Commons Treasury select committee on monetary policy.
The meeting is of great market interest as expectations have been rising for an increase in interest rates in the coming months following increasingly hawkish talk from some members of the MPC.
But many economists are concerned over increasing signals that the UK economy might not be robust enough to withstand an increase in interest rates.
"The Bank of England is keen to get out of 'emergency mode'," said James Smith, developed market economist at ING.
"But the Bank is also pinning its hopes on a sizeable pick-up in wage growth and even perhaps more contentiously, a smooth Brexit. On the former, data over the next week is likely to show the economic backdrop is still relatively benign," he added.
While inflation at 3% would provide the Bank a plausible reason to raise rates for the first time in a decade, some believe it would do little to lift the Brexit-battered pound – a core reason for the current rate of inflation.
"A lack of progress in Brexit talks and deep divisions within the ruling Tory party suggest that sterling remains very vulnerable going forward," said Jane Foley at Rabobank.
To hike or not to hike
Those who predict near-term rate hikes believe the economy is in robust enough health and that inflation will peak at 3% before cooling down during 2018.
"We think that the UK MPC will raise interest rates in November, for the first time in a decade," said analysts at Capital Economics.
"The economy should weather the first hike relatively well, and given that any tightening thereafter is likely to be in the context of a stronger economy, rather than concerns about inflation, we continue to think that the consensus is too downbeat on the prospects for the UK economy over the next couple of years."
Should CPI rise above 3%, this would trigger the need for governor Carney to write a letter of explanation to Philip Hammond, the chancellor of the exchequer.