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Uncertainty around the UK's economic outlook has led to concerns that a period of "stagflation" could be taking hold.
This refers to a combination of sluggish economic growth and stubborn inflation.
Data from the Office for National Statistics, released on Wednesday, showed that UK inflation rose by a higher-than-expected 3% in January, with expectations that it would come in at 2.8%.
Stronger inflation weakened the case for the Bank of England to deliver two more interest rate cuts this year.
Meanwhile, data released last week showed the UK economy grew by 0.1% in the fourth quarter, narrowly avoided a technical recession — defined as two consecutive three-month periods of declining gross domestic product (GDP).
Richard Carter, head of fixed interest research at Quilter Cheviot, said: "Should the spike in inflation peak at a level above expectations, or if the increase is too prolonged, then the Bank could find itself with a nasty headache.
"'Stagflation' is a word that will have haunted the BoE in recent years, and we could see a resurgence in the coming months should the UK economy not respond as hoped."
Read more: Rachel Reeves under pressure as UK budget surplus misses forecasts
However, in comments made last week prior to the release of this latest inflation data, Joe Nellis, economic adviser at accountancy and advisory MHA, said that the UK's economic "malaise ... is a world away from the stagflation of the 1970s."
He explained that at the height of stagflation in 1974 and 1975, the UK economy contracted by 2.5% and 1.5% each year respectively.
"While the Bank of England lowering its growth forecast to 0.75% is indicative of a slowing economy and offers a disappointing outlook, it is hardly comparable," he said.
In terms of inflation, Nellis pointed out that in the years 1973 to 1979, the annual inflation rate did not drop below 8.3% and was often more than 10%.
"The economic landscape is uninspiring, but it’s important to remember the full extent of the economic distress that dogged the 1970s before evoking fears of stagflation," he said.
We asked Yahoo Finance UK readers earlier this week if they were worried about stagflation. We received 599 votes, of which 73% of readers they were concerned, while 18% said they were not and 9% were undecided on the matter.
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