Only one of the nine members of the Bank of England's Monetary Policy Committee opposed its decision to raise interest rates by a quarter point this month, with Ms Marian Bell preferring to keep borrowing costs on hold.
Minutes of the MPC's November meeting published today show that most members thought a rise was needed as inflation was forecast to be above target at the two-year horizon and rising.
The BoE said last week in its quarterly forecasts that underlying inflation was still most likely above its 2.5 per cent target in two years and rising even after this month's rise in interest rates to 3.75 per cent.
Most MPC members noted that even after the hike from a 48-year low of 3.5 per cent, "monetary policy would still be accommodative."
The minutes showed that the MPC was clearly worried that consumer debt is moving toward unsustainable levels, increasing the risk of a crash in house prices.
Ms Bell, one of the MPC's external members, wanted to keep policy unchanged this month as she believed the MPC's central forecast for inflation was too high. She argued that the trade-off between growth and inflation may have improved in recent years and that forecasts of recovery in the euro zone may have been too optimistic.
Still, she said that a rate rise some time in 2004 was likely to be warranted if inflation was to meet its target but hiking this month would cost some economic growth.
The BoE is charged by the British government with keeping core inflation at 2.5 per cent at all times.