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mpc: 20 CPI inflation had fallen to 1.1% in March, and both goods and services price inflation had weakened. It was likely that inflation would rise in the next few months, as utilities prices rose and because of a rising contribution from petrol prices, in turn reflecting both the recent rise in oil prices and, separately, the fact that the corresponding months a year earlier had seen particularly low prices. Recent business surveys and a special survey by the Bank's regional Agents pointed to a pickup in the inflation rate for domestic manufactures, and suggested that increasing cost pressures would be passed on to consumers. However, recent CPI data had been surprisingly weak, which might suggest that the competitive pressures on margins were stronger than the Committee had realised. Moreover, the prices of imported finished manufactures were falling quite rapidly.