In light of these strong figures, analysts across the board have upped their expectations for inflation in 2017 and beyond significantly higher.
According to the National Institute of Economic and Social Research (NIESR), inflation is likely to soar to 4 percent in late 2017 and only work its way back down to the Bank of England's 2 percent target in 2020. This exceeds the BOE's latest estimate of inflation that would peak and flatline at 2.4 percent from the fourth quarter of 2018 until the end of its forecast horizon in the third quarter of 2019.
However Adrian Lowcock, investment director at asset manager Architas, says any jump in inflation is likely to be short-lived.
According to Lowcock, "Looking beyond the short term inflationary pressures we do not expect inflation to remain high. The pound and the oil price have both stabilized so their effect on inflation will be temporary."
"There is still little sign of domestic inflation through wage growth as companies are continuing to look at cutting costs to boost earnings," he added.
In explaining its decision to cut rates in August, the BOE warned another cut could be on the horizon for 2016 if data proved "broadly consistent" with its gloomy predictions for the U.K. economy in the near-term following the Brexit vote.
According to Kallum Pickering, senior U.K. economist at Berenberg Economics, "The BOE's decision to provide extra liquidity around the vote and then to announce a suitably large monetary stimulus in response to the sharp downgrades in the market's assessment of the U.K.'s economic outlook was appropriate. But the U.K.'s better-than-expected economic performance since the vote has removed the need for the BOE to act again."
Pickering says he is looking to the bank Thursday to both update its view of the economy and provide comfort to the market that it is on guard if the Brexit impact does begin to filter through to data.
"We expect the BOE to use (Thursday's) November inflation report as an opportunity to take stock on the state of the economy and the effectiveness of its policies, while sending a strong signal that the BOE stands ready to do more if economic conditions were to deteriorate."
"We will be looking closely at the BOE's assessment of the forthcoming inflationary headwinds to consumption, the impact of 'hard Brexit' fears on investment, and, if any, the policy implications of the recent weakening of sterling," he added.