Interest rates to rise, Mervyn King hints

``Leading economists seized on a key passage in the governor's letter to George Osborne, the Chancellor, explaining why inflation was above target for the 13th consecutive month. They said Mr King's words were a clear signal that interest rates could rise three times before the end of the year, to hit 1.25 per cent... Mr King warned that the immediate outlook was one of continuing rise in prices, because of the high price of oil, wheat, copper and other commodities on the global markets.''