Earlier this year the Bank of England had to write to the chancellor of the exchequer to explain why inflation had risen to more than 1% above its official target.

Inflation has fallen back since then but concerns about its future level remain.

Earlier this month the Bank's Monetary Policy Committee voted to increase rates to 5.75%, their highest level since 2001.

But some economists argue rates may need to rise again to ensure inflation remains on target.

We asked for your comments, a selection of which are below. This debate is now closed.

Why does our Government not stop printing excessive money so inflation is kept in check?
Joan, Cambridge

Although there are various factors affecting house prices, by far the main factor is low interest rates. I believe that this Government is responsible for the house price crisis through its interest rate policy and by creating the climate which persuades people to invest in property (which includes buy-to-let and second homes) to the detriment of savings, pensions and the stock market. Remember that rent is affected by house prices. My rent is now twice what my mortgage payments would now have been had I not been forced to sell in 1997. This is mainly due to the cheaper cost of houses in 1997.
Chris Dixon, Cambridge

Time will tell whether managing inflation through interest rates alone can ever work GL, London

Traditionally governments were able to use tax as well as interest rates to manage inflation. Tax has the flexibility to be a more precise tool and increases (or reductions) can be targeted at people earning different amounts. But this government has declined to use income tax (and committed not to increase the top 40% rate) which leaves just the blunt instrument of interest which tends to hit lower earners harder than higher earners. And those who are better off, and can afford to save, will also see better returns on their investments. So time will tell whether managing inflation through interest rates alone can ever work.
GL, London

Inflation is also created by a drop in goods available to buy. Shortages of oil and gas have pushed up energy prices. Incidentally, the floods are inflationary. Does anyone expect to see white goods and furniture suppliers slashing their prices in the August sales? As a nation, the floods must be costing us all billions.
Peter Hartnell, Basildon, Essex

When the property bubble bursts, we're likely to have a recession anyway due to the huge amount of debt Andy B, Salisbury

It's true that a recession was avoided by introducing CPI and reducing interest rates. However, the result was a huge property bubble driven by speculation and ease of affordability which has brought misery for many first time buyers. The irony is that when the property bubble bursts, we're likely to have a recession anyway due to the huge amount of debt.
Andy B, Salisbury

Thank you for broadcasting professor Tim Congdon's cogent explanation of why the excessive growth in money supply must be curbed. I can only hope that the government listened and learnt something about how inflation really works.
Chris Grey, Guildford

It is simple supply and demand Teena, England

I am a housewife with no independent income, and yet I am often offered credit. If money is this easy to come by, then spending will continue and if spending continues unchecked, then of course prices will go up. It is simple supply and demand. If I have the money to demand what I want then it will be supplied at an inflated price. If I don't have the money, then the price would have to be lowered for me to be able to buy.
Teena, England

It seems sensible to include mortgages in the Monetary Policy Committee's remit and I suggest that council rates also ought to be included since they are an increasingly significant cost to those of us on fixed incomes. .
Martin Sheehan, Stockport

Interest rates have been too low for too long Tony, Swansea

Cheap imports, very low interest rates and rampant house price inflation have given a lot of people in Britain a feeling of wealth and a willingness to borrow and spend like there's no tomorrow. Interest rates have been too low for too long. If you want to avoid a bust then don't create a huge boom by encouraging people to borrow beyond their means at artificially low interest rates. The expectation that has been generated, is that house prices will go up by 15-20% a year, every year and that credit will always be very cheap and readily available to all.
Tony, Swansea

The CPI has been the biggest rip-off in years. I am much poorer now than in 2001 effectively. Keeping interest rates artificially low has effectively entrapped a load of people, making them much poorer over the long term, by encouraging them to take on more debt than is sensible.
Nick Thorne, Southampton

We are living in a bubble of economic time in which our consumption is allowed to outperform our productivity Phill Wheadon, London

For all intents and purposes the British economy hangs off of a pyramid selling scenario dependent on credit generating creditability. In the event of shortages of any key commodities, inflation will bring the whole thing crashing down, because so many will simultaneously try to realise housing assets to offset reductions in their standard of living. We are living in a bubble of economic time in which our consumption is allowed to outperform our productivity. If we had followed the EC's approach we would be consuming less now but we would be less vulnerable to catastrophe.
Phill Wheadon, London

I'm concerned about the Monetary Policy Committee's measure of pricing and activity. They raise interest rates when oil and gas prices increase, calling it inflationary. How do we as individuals contribute to this? We don't. I'm also concerned that the high street activity increase which is as a direct result of replacing flood damaged items will also be seen as an inflationary pressure and interest rates rise accordingly. This approach undermines the strength of the UK economy over the medium term.
Philip Webb, Bamford

It seems very opportunistic that Mervyn King (BoE governor) now wants to include housing costs in the CPI when from 2002 onwards when house prices were spiralling up 10-25% annually he said nothing. The policy decision in 2002 was flawed to use CPI over RPI but it stopped a recession. The fact is, many people still struggle to get on the housing ladder and those that have recently are saddled with debts they can never pay back. If Mr. King and Mr. Brown are concerned about housing costs, why did they not include CPI when house prices were going up 25%?
Bob, Luton

Why does the Bank of England (and the government) think that by increasing interest rates it will help? Those who have no savings but are struggling to pay mortgages are punished, those who are on the benefits don't care because the government will give them more and those with plenty of money get even more. Is the plan to get rid of the workers who own houses and end up with the rich who can rent out properties to those on benefits? I wonder why so many people are leaving the UK.
Andrew, Isle of Man

I personally most definitely cannot afford another rise. It will be the final straw Ms Cynthia Stone, Weymouth

The cost of mortgages should definitely be included in the index. It is unfair that people with mortgages should be penalised, when those who have not bothered to save and buy their own houses get off scot-free. I personally most definitely cannot afford another rise. It will be the final straw, and I will have to sell my home, after I have worked hard all my life (I am now 62 and still working) to own it.
Ms Cynthia Stone, Weymouth

Mortgage costs should be included in the CPI, however more importantly council tax certainly should be there, as this is paid whether or not one has a mortgage and is the largest expenditure households have to pay. For the past ten years this has allowed this government to opt out of paying correct pension increases whilst we all have to pay up, whilst our disposable income decreases. A scam or creative accounting?
George, South Norfolk

It seems likely that interest rates will hit 6%. As my fixed rate deal comes to an end in December 2008, my eyes are fixed on what's happening now. In the next period of fixing my mortgage I may be paying a lot more. But, these things need to be considered at the outset. When you take on a mortgage you have to plan for interest rate changes. What's really worrying me are the other prices. The price of my season ticket went up by 6%, food is visibly more expensive, gas and electricity although going down, are still on the pricey side, my council tax went up by 4%. All these increase hikes have an effect and will eat away at my miserly salary increase. It also doesn't help living in the South East. Maybe I should think about moving abroad. I've heard the council tax equivalent in Cyprus is around �30 per year.
Mario, Cheshunt, Hertfordshire

The BoE are starting to pursue the correct strategy, if a few years too late Dave Hall, Staffordshire

The capital released from high house prices is itself an inflationary pressure, since inflation is a monetary phenomenon. Then there's a global dollar glut, and broad money growing worldwide between 10% and 50% a year. This is all still the hangover from the dotcom bust, and the cheap money on offer since then. I believe the BoE are starting to pursue the correct strategy, if a few years too late.
Dave Hall, Staffordshire

The definition of inflation is an increase in money supply. If a government wants to overspend the best way to do it is to print money, not raise taxes as this is unpopular. However it has the same effect, as inflation is a hidden tax as your purchasing power depletes. There is also a healthy historical precedence for governments deliberately inflating money supply or debasing currency, back to the days of Rome where gold coins were shaved of their circumference and passed off for the same value. This ended in the collapse of Rome where legionaries refused to accept Rome's debased currency for payment. History is a powerful educator: beware.
John G, Melbourne, Australia

The comments we publish are not necessarily the views of the BBC but will reflect the balance of views we have received. It is helpful if contributors state if they work for any organisation relevant to an issue discussed. Readers should form their own views on whether messages published represent undeclared interests, or views prompted by a common source.