BoE’s Bailey to assess if inflation pressures transitory -Business Live

FILE PHOTO: Bank of England Governor Andrew Bailey speaks at the Financial and Professional Services Address, previously known as the Bankers dinner, at Mansion House in London, Britain July 1, 2021. Stefan Rousseau/Pool via REUTERS/File Photo

(Reuters) – Bank of England Governor Andrew Bailey said the BoE would assess inflation data for things that could be temporary, before taking a call on raising rates and tightening the economy’s money supply.

Official data published on Wednesday showed British inflation hit 2.5% in the 12 months to June, surging above the central bank’s target.

“(Wednesday’s) number – yes, it was higher than we thought it would be,” Bailey told Business Live in an interview published Thursday.

“What we will have to do, again, is go through all the evidence and assess to what extent we think the sorts of things that underlie that are likely to be transitory.”

According to Business Live, Bailey highlighted the…

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