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Bailey Says Not Giving Directional Steer on Rates Today

BOE
Q: Inflation forecasts have consistently underestimated, do we need to do more on rates?
  • A: Will be guided by evidence, not giving directional steer on rates today. Difference in inflation to forecasts is mainly food and clothing. It appears to be taking longer for food price pressures to work through system. These are unusual times and models need to be treated with caution.
  • Broadbent: Markets weren't correctly anticipating inflation where it was either. The scale of rises in import prices are enormous by historical standards - effectively cost UK over 5% of income - around 5.5%. Headline inflation went up with huge rise in inflation expectations in the medium-term. They are still too high but peaked over a year ago. It is critical we maintain that credibility.
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