While the MPC voted earlier this month to keep interest rates and quantitative easing unchanged, the minutes of this month's meeting released today showed that inflation, which remains above the Bank of England's target, is of increasing concern.
"Most of those members considered that the accumulation of news over recent months had probably shifted the balance of risks to inflation in the medium term upwards," the minutes said.
That compared with the language in November's minutes, which showed "some" MPC members thought the risk of higher inflation had gone up.
Voting at the December meeting went the same way as in the previous two MPC meetings. Adam Posen, who has said the Bank must not "overreact" to the risk of inflation, called for an extra £50bn of quantitative easing, while Andrew Sentance wanted an increase in interest rates to 0.75pc from 0.5pc.
The other seven MPC members voted for the Bank's policy to remain the same.
Inflation is at a six-month high, reaching 3.3pc in November, which is well above the Bank's 2pc target.
Rate setters said troubles in the eurozone could create a prolonged period of financial market tensions and hit domestic demand within British.
"It could hamper the ongoing process of balance sheet strengthening by the UK banks, which could in turn put renewed pressure on the cost and availability of credit to UK households and companies, especially if it were associated with a further withdrawal from UK lending markets by some euro-area banks," according to the minutes.
This could hit household and business confidence and lead to a reduction in spending.
Figures out this morning showed the UK economy grew more slowly than initial estimates in the third quarter. Gross domestic product (GDP) rose by 0.7pc, lower than an initial estimate of 0.8pc. Second-quarter figures were also lowered to growth of 1.1pc rather than 1.2pc.
The data also showed that households were saving more.
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