This increase is not just down to the recent weakness of the dollar. The market for oil is tightening.
Inflation rates - both here and in the US - have fallen in recent months. However, this decline was almost entirely due to the unwinding of the speculative surge in oil prices last summer. With oil prices on the rise again, inflation will again start to creep up.
An oil price shock, coupled with a deep recession - that is what we call stagflation.