Bank of England governor still thinks inflation will fall sharply next year

The governor of the Bank of England has said he still thinks inflation will fall sharply next year.

The Bank is due to start working on forecasts that will be released with its next interest rate decision on 4 August. Andrew Bailey told the treasury select committee on Monday afternoon that he expected inflation would likely stay broadly in line with the Bank's last forecasts in May. He added:"I always go into forecasts with an open mind, and that's critical, but I think the basic fundamentals of that profile remain in place today."

Inflation is expected to be back to its 2% target in around two years' time, he said, although pressure on gas prices following the war in Ukraine could change that.A fall in inflation would come as welcome news to millions of Britons who are struggling with higher energy bills and food costs, a national insurance increase and council tax rises.More from Business

Source: Energy Industry News (energyindustrynews.net)

“It’s transitory.”

Revolution is the only way kick the queen out of the system take your country back.

Magic money printer goes wurrrr

If Bailey told me it was raining then I'd still look out of the window to check!

How come petrol prices have fallen 24 days in a row in the US but not here?

No shit.

Because we will be in a Recession/Depression?

TRANSITORY! TBF at least he's been a bit more sensible than ecb

We would have all been completely ripped off by then…..

Then he understand little about logistics

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Millions of families will lose £1,200 from bank accounts next yearThere are worries the next 12 months could bring a crippling recession for the UK
Source: leedslivenews - 🏆 118. / 51 Read more »

Chinese bank fraud protest turns violent after police step in\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Source: FT - 🏆 113. / 51 Read more »

Crook posing as G4S guard tricked bank staff into handing over £150,000The man walked into a branch of Santander in south London wearing a helmet and visor, and walked out with boxes of cash worth over £150,000
Source: LBC - 🏆 17. / 74 Read more »

High costs and falling confidence hit NI economy, says Ulster BankThe Northern Ireland economy is losing momentum as high costs and falling confidence hit business performance, an UlsterBank survey suggests. UlsterBank All thanks to 1 party the backward of the duponline UlsterBank This👇 UlsterBank We can all thank the EU for this
Source: BBCNewsNI - 🏆 95. / 52 Read more »

Millions of families will lose £1,200 from bank accounts next yearThere are worries the next 12 months could bring a crippling recession for the UK
Source: leedslivenews - 🏆 118. / 51 Read more »