The Bank of England's Monetary Policy Committee will find itself in no easier position on Thursday, as it meets again to decide on UK interest rates.
"We're facing a situation of rising inflation and falling growth," King said as he went before the Treasury Select Committee last month to defend the Bank's policy. "We're certainly not relaxed in any way."
With rates currently set at 5 percent, on hold since the MPC's May meeting and an 8-1 vote in June to keep them there, there seems no alternative but to wait, see and keep writing letters.
"I'm expecting they will sit on their hands," Ex-MPC member Willem Buiter, Professor of European Political Economy at the London School of Economics told CNBC.com. "But they should be raising rates. Inflation is above target and they overestimate the ease at which the economic slowdown, which is indeed severe, will squeeze inflation."
Buiter predicts that the Bank of England would probably begin to raise rates in August, when it releases its next inflation forecast, with at least two rate increases by the end of the year.
"CPI will keep on rising and will go through the 4 percent barrier by the end of the summer and could stay high for a while," Buiter said.
Other economists, however, think the bank should cut the rates now rather than later.
It is "reasonable for the MPC to toe the line and do nothing," Jonathan Loynes, Chief UK Economist at Capital Economics, told CNBC.com. But "the problem is the longer rates stay on hold, the deeper the economic downturn and the further rates will have to fall once inflation eases."