Martin Weale, a former member of the Bank of England’s monetary policy committee – which sets interest rates – told theipaper today’s inflation figure was “good news”, but concerns about high inflation were not yet “fading away” CallumCMason reports:
But economists and experts say it is unclear whether we will reach that level by the end of the year.Meanwhile, Mr Yiu explained that he thought that inflation could get below 5 per cent by the end of the year, but that a more important figure was where it stabilised after this.
Professor Millard even explained that the pledge itself could have meant inflation decreased at a slower rate. Generally, getting inflation down requires what economists often call “aggressive” monetary policy tightening – which essentially means raising interest rates quickly. Mr Yiu said that if the Bank believes it can get back to 2 per cent inflation in the next year to 18 months, on a sustainable basis, it would need a very high interest rate, possibly of 8 per cent.
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