In addition, official data this week showing that British wages growth is catching up with overall inflation has cemented expectations of an interest rate hike to 0.75% in May. A hike in interest rates would be only the second raise since the financial crisis 10 years ago.
The Bank of England kept its interest rates unchanged Thursday but appeared to hint that another rate hike in May was possible as inflation remains high.
"The best collective judgment of the MPC remained that, given the prospect of excess demand over the forecast period, an ongoing tightening of monetary policy over the forecast period would be appropriate", the minutes of the March meeting said.
As policymakers Ian McCafferty and Michael Saunders both pushed for an immediate interest rate hike this helped to bolster the odds of the BoE following through with further monetary tightening at its May meeting.
The bank had hiked the rates to 0.5% last November, the first increase in a decade.
The bank's announcement was largely in line with market forecasts, although most BoE watchers expected a unanimous decision from the MPC to leave policy alone.
It expects pay growth to rise further in response to the tightening labour market.
He added: "It now looks increasingly likely we'll see a rise to 0.75% at the Bank's May meeting".
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Praising the Siddaramaiah government in the state, Rahul said it had worked for the poor, downtrodden and backward communities. He asserted that the Congress would win the elections in Karnataka because "it is not a new fight, but is a very old fight".
"Ian McCafferty and Michael Saunders are anxious that inaction now will mean rates will need to rise faster and further in future".
"As ever the Bank is at pains to point out that the pace of interest rate rises will be gradual".
Some economists think data earlier this week showing a bigger-than-expected drop in inflation to 2.7 percent suggests the BoE is too gloomy, and will remove the need for the BoE to raise rates a couple of times this year.
All this accumulated economic data points to some easing of inflationary pressures following the crushing impact of the Brexit vote and the consequent hammering of the pound, pushing shop food prices higher.
Average wage growth has also moved closer to inflation meaning consumers are not seeing wages decrease whilst the costs of goods increase.
Inflation will also have a significant bearing on what the Bank of England chose to do.
Earlier this month, Bank of England Governor Mark Carney said crypto-currencies such as bitcoin had failed as a form of money, but he said the technology could improve the financial system in future. Annual inflation slowed in February and retail sales rebounded after a poor start to the year, figures showed this week, while wage growth picked up modestly in January.
The Pound was boosted during late morning and noon trading Friday after the Monetary Policy Committee member Gertjan Vlieghe told an audience at a Confederation of British Industry (CBI) event the current robust state of the United Kingdom labour market probably warrants a sustained tightening cycle from the Bank of England (BoE).