Following last week's fully anticipated decision to keep rates on hold, the February inflation report meeting might prove more contentious, depending on how the next two weeks of data turn out.

The prospects for a rate cut have certainly increased. You have weaker inflation and in addition there are risks to gross domestic product growth.

You're going to go through a rough patch through the next six to 12 months. Inflation is going to be boosted by higher oil prices. There is a clear upward trend.

Part of it was just inflation, but a big reason for the increase is we have to bring those two stations up to the 2003 building code, which requires them both to have sprinkler systems. That was something I hadn't budgeted for. When I found out about it, the hair went up on the back of my neck.

Even though the surge in inflation was one-off, it was pretty shocking and the jump in fuel prices is likely to have some knock-on effects. It's better to move now than to be forced to move more later.

Of course I'm pleased. Obviously, I felt that this was the decision she should make.