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Financial News: Bailey Says BoE's Inflation Regime Not Failed

Bailey Says BoE's Inflation Regime Not Failed

09/07/2022 - 09:13:00 (RTTNews)

(RTTNews) - Bank of England Governor Andrew Bailey said the current high inflation does not suggest that its operational framework has failed.

At the Treasury Select Committee on Wednesday, Bailey said the current inflation rate indicates that its inflation regime has to do its work and respond to a much bigger shock.

The bank forecast inflation to peak just over 13 percent in the fourth quarter. At 10.1 percent in July, inflation reached a 40-year high. Silvana Tenreyro, an external member of the Monetary Policy Committee said, "To have any appreciable impact on the current inflation overshoot, policy would have had to have been materially tighter."

Tenreyro said the impact of the fall in real incomes on spending will drive the economy into recession. "Adding to this, we are still to see the majority of the impact of the significant policy tightening already in place," she added.

Further, Tenreyro said a growing output gap and higher unemployment are likely to weigh heavily on domestic inflationary pressures, contributing to a fall in inflation below target in the medium-term.

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