Governor Mervyn King and members Spencer Dale, Prof David Miles and Dr Ben Broadbent will all be giving evidence on the contents of May's Inflation Report.
The Committee will be looking to find out what they are doing to control inflation and when they think inflation is likely to reach its two per cent target.
In the latest report, issued on 16 May, Mr King said the gradual fall of inflation had been 'painful'.
It began falling last September from its peak at 5.2 per cent but increased in April from 3.4 per cent to 3.5 per cent.
Latest figures from the Office for National Statistics show it has since fallen again to 2.8 per cent.
Mr King now expects inflation to reach its target by the middle of next year and that higher energy prices, indirect taxes and cost pressures from past rises in global commodity prices were to blame.
Writing in the report he said: "Weak growth and high inflation have been the unavoidable consequences of the financial crisis, developments in global commodity prices and the need to rebalance our economy. That has been painful for everyone."
Last week's minutes of the Monetary Policy Committee meeting also indicated the Bank will further pursue its quantitative easing process.
Mr King, Mr Miles and member Dr Adam Posen all voted in favour of increasing the asset purchase stock by £50bn while Paul Fisher voted to increase by £25bn.