You could say what the chart represents.
It is in fact the changes in the input Producer Price Index http://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/producerpriceinflation/july2016 with a headline statement of
the total input price index rose 4.3% in the year to July 2016, compared with a fall of 0.5% in the year to June 2016
But this effect is smaller as it affects the economy as a whole. For the output Producer Price Index the headline statement is less dramatic:
Factory gate prices (output prices) for goods produced by UK manufacturers rose 0.3% in the year to July 2016, compared with a fall of 0.2% in the year to June 2016.
This has not yet had a substantial effect on consumers, where for the Consumer Prices Index http://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/july2016 the headline statement is:
The Consumer Prices Index (CPI) rose by 0.6% in the year to July 2016, compared with a 0.5% rise in the year to June.
I would be surprised if any of today's data surprised the Bank of England:
- Imported inputs for UK producers now cost more due to a weaker Pound sterling
- This has a relatively smaller effect on output prices, meaning British exporters are potentially more competitive internationally
- This has not yet had a substantial impact on consumers
What the central bank does not yet know includes:
- how much of an effect this will have on consumer prices in the longer term
- how negative this will allow real interest rates to be if nominal interest rates are kept close to zero
- how much of an effect this will have on imports and exports
- how much of an effect this will have on consumption
- how much of an effect this will have on investment
though it might try informed guesses. Investment, consumption and exports in particular will be affected by broader factors including predictions about the long-term impact of a future Brexit.