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Financial News: BoE's Haldane Says Inflation To Remain Above 2%

BoE's Haldane Says Inflation To Remain Above 2% For Next Few Years

11/13/2017 - 07:27:00 (RTTNews)

(RTTNews) - UK inflation is set to remain above the 2 percent target for next few years, Bank of England Chief Economist Andy Haldane wrote in a blog.

"Price rises across the whole economy are currently running well above the 2 percent inflation target and are expected to remain above-target for the next few years, according to the blog published by the BoE.

Small adjustments in the rate are unlikely to have significant impact on daily lives on most people, he wrote. The borrowing costs they faced for access to consumer credit were largely unaffected by the recent action taken by the BoE.

However, the BoE's interest rate decision does affect everyone through its impact on their cost of living, Haldane said.

On November 2, the BoE had raised its key rate for the first time in a decade to keep a lid on inflation. The benchmark rate was lifted by 25 basis points to 0.50 percent.

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