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Bailey notes inflation expected above 2% for longer than in Nov forecasts

BOE
  • Bailey talks through the inflation forecasts.Says "When we raised interest rates it was not to prevent external shocks from happening - it was to reduce second round shocks."
  • Says services price inflation has started to ease, but it tends to remain persistent.The negative contributions from energy prices are expected to fade later in the year, absent any further shocks.
  • As these negative contributions fade, inflation will pick up to around 2.75% and remain above target through the beginning of next year. Notes that this leaves inflation above 2% longer than in the November forecasts.
  • Then stresses this is a conditional path and the assumptions have changed significantly.
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