Bank of England Monetary Policy Committee member Catherine Mann cautioned on Wednesday about the upward risk of inflation despite the progress made in recent months.

"There are some possibilities about downward pressure on inflation coming from export prices coming out of China, for example. But against that ... one piece of news that is downward bias, the rest of it is upward bias, and likely to be more volatile going forward over the medium term," Mann declared at a panel discussion organized by BNP Paribas.

According to the latest report by the Office for National Statistics, the United Kingdom's Consumer Price Index (CPI) increased 1.7% in September from the same month a year ago.