New UK CPI inflation figures are fuelling speculation that an exchange rate hike may be on the horizon.The latest consumer price index inflation figures may encourage the Bank of England to lift interest rates from their current record low of 0.5 per cent, Daily FX speculates.Official figures for October showed the first rise in inflation seen in eight months, the headline 1.5 per cent inflation rate outstripping expectations of a rise to 1.4 per cent.Commenting on the data, Bank of England monetary policy committee member Andrew Sentance declared that the UK is returning to growth and warned that its fiscal stimulus measures may stoke inflation fears if left for too long."Markets may start to price in additional tightening from the central bank, which could reignite bullish sterling sentiment," commented Daily FX's John Rivera.Next month's monthly policy meeting will take place on December 10th. In addition to evaluating interest rate policy, the committee will also be looking at the impact its £200 billion quantitative easing programme is having on increasing liquidity and growth in the UK economy.