1401 GMT - While Governor Andrew Bailey has suggested the Bank of England could raise interest rates, this would represent an insurance hike rather than concern over widening price pressures, James Smith at ING says in a note. The central bank kept rates on hold today, but signaled that future hikes could be necessary to contain rising inflation. "Still, the reality is that there's no sign that the rise in fuel and household energy bills is spilling into other parts of the inflation basket," Smith says, citing falling inflation for food as well as energy intensive good and services. He notes that policymakers calling for a hike characterized such a move as "risk management." This contrasts with the U.S. and eurozone, where rates are less clearly restrictive, he says.