16 July
BoE’s Bailey notes unclear prospects for inflation in UK
On Thursday, Bank of England Governor Andrew Bailey stated the recent rise in UK inflation complicated the outlook for future price movements. However, he also pointed to signs of weakening in the country’s labor market.
The official’s remarks came days after comments by financial regulator representative Megan Greene. Earlier, while discussing current economic shifts, she suggested delaying interest rate cuts to a later date. According to her, inflation stabilization after the recent surge will take considerable time.
In May, UK inflation reached 3.4%, exceeding the regulator’s forecasts. The Bank of England now projects the rate will rise to 3.7% by September, before easing to 3.5% by year-end.
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