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MNI BRIEF: Broadbent Pushes Back On UK Inflation Persistence

(MNI) London

BOE Deputy Governor pushed back on ideas higher UK inflation will prevail, tipping the scales against August tightening

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Bank of England Deputy Governor Ben Broadbent pushed back against the view that higher inflation is likely to be persistent, with his remarks tilting the scales away from early tightening by the central bank in August.

He noted that much of the rise in imported inflation has been "concentrated overwhelmingly in goods prices" and that as the economy reopens and rebalances, with services demand increasing, the mismatches that have driven prices higher should fade away. He said that he was "not convinced that the current inflation in retail goods prices should in and of itself mean higher inflation 18-24 months ahead."