Published by Mark Smith-HalvorsenSpeculation that the Bank of England's quantitative easing programme has caused inflation to jump dramatically is unfounded, one analyst has argued.Writing for the Economic Voice, Richard Henley Davis explained that it is rather the cost of foreign imports, rising oil prices and a liquidity squeeze that are to blame for the rise in the cost of goods and services.As the value of international payments made on imports continues to rise, suppliers are factoring those costs into the price of goods, he explained, adding that rallying oil prices are also inflating transport costs.Meanwhile, banks are still struggling to reduce their debt ratios and as a result, the supply of money into the real economy has been stifled, Mr Henley Davis added.His comments followed the latest Consumer Price Index report from the Office for National Statistics, which showed inflation running at 3.5 per cent in the 12 months to January 2010.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site