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MNI BRIEF: BOE 2% Inflation Goal Renewed, OBR Sees Overshoot

UK Government reaffirms 2.O% CPI target for BOE, OBR foresees overshoot.
Bank of EnglandGlobalPolicy NewsCentral Bank NewsHomepageCEEMEABriefUKStoryRegion

MNI (LONDON) - Chancellor of the Exchequer Rachel Reeves reaffirmed the inflation target for the Bank of England at 2.0% on the CPI measure and the official fiscal forecaster, the Office for Budget Responsibility, predicted a slight but persistent overshoot based on market rates.

The OBR forecast that CPI inflation would average 2.5% in 2024, 2.6% in 2025, 2.3% in 2026 and 2.1% in 2027 and 2028, only falling back to the 2.0% target on average in 2029 -- with forecasts at all points above the Bank of England's own forecasts from the August Monetary Policy Report.

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MNI (LONDON) - Chancellor of the Exchequer Rachel Reeves reaffirmed the inflation target for the Bank of England at 2.0% on the CPI measure and the official fiscal forecaster, the Office for Budget Responsibility, predicted a slight but persistent overshoot based on market rates.

The OBR forecast that CPI inflation would average 2.5% in 2024, 2.6% in 2025, 2.3% in 2026 and 2.1% in 2027 and 2028, only falling back to the 2.0% target on average in 2029 -- with forecasts at all points above the Bank of England's own forecasts from the August Monetary Policy Report.

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