BoE Governor Andrew Bailey said in the post meeting press conference, “we have to stay the course to make sure inflation falls all the way back to the 2% target.”
Nevertheless he expected the rise in bank rates since December to “weigh more on the economy in the coming quarters”.
Inflation is “expected to fall sharply over the coming months, starting in April.” He added, “consumer price inflation is on course to halve by the end of this year.”
As for the economy, he said, “today we are forecasting modest but positive growth and a much smaller increase in unemployment.”
