Headline CPI inflation fell sharply through 2023 and into 2024, before reaching the BoE’s 2% target towards the middle of last year. However, this has since gone up to 3.4% in the latest data for May.
Speaking at the British Chamber of Commerce 2025 Global Annual Conference on Thursday (26 June), Bailey said that the recent short-term pick-up in inflation “introduces some further uncertainty into the near-term outlook for inflation”, adding: “We have to monitor very closely how this plays out”.
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