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Dhingra doesn't find "target-consistent" language useful

BOE
  • Dhingra asked about whether service inflation could be 4% with goods at 0% - or will service inflation have to be lower?
  • She doesn't find "target-consistent" language useful. E.g. She doesn't agree wage growth must be X% for target - it depends on productivity. She says it depends on a geopolitical events etc so it's hard to really know where "target-consistent" rates end up.
  • Note that Mann said recently that she was concerned that goods inflation wouldn't go back to 0% - and therefore services inflation may need to be below the 3.5% we saw pre-covid to get inflation back to zero.
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