Tuesday, Nov 13, 2007
inflation above Bank of England's 2% target
Times Online: Inflation spike breaches Bank target
Soaring oil and food prices have driven inflation above the Bank of England’s 2 per cent target, all but ruling out an interest rate cut this year.
Posted by peter @ 09:29 AM (384 views) Add Comment
4 Comments
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1. Jj said...
2.1% !!!!! More like 5% and the rest
2. Ellipse said...
just a question, should the credit crunch bite in brutally here in UK, wouldn't the BoE be forced to slash rates as did the Fed last month ? just a thought ...
3. planning4acrash said...
The BOE's only remit is to keep inflation to 2%. They cannot slash rates if CPI inflation is above 2%.
4. jack c said...
The full effects of the credit crunch have yet to hit these shores and when they do there will be a marked downturn in economic fortunes – at this point you will probably find out just how “independent” the BOE actually is. My bet is that the MPC will be pressurised into cutting rates as inflation targets become a secondary problem – time will tell.