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Incoming Bank of England Monetary Policy Committee member Catherine Mann said Monday that what was emerging now was "a major surge" in inflation but that she does not expect it to persist." I don't see it becoming a spiral," she said, noting a lack of inflation from the global recovery and that labour market tightness was not commensurate with the headline growth data.

Mann told the Treasury Select Committee that policymakers should be wary of premature tightening, resulting in permanent GDP losses.