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BoE’s Bailey says inflation above target is concerning


© Reuters. FILE PHOTO. Andrew Bailey, Bank of England Governor poses for a photo on March 16th 2020. This was his first day in his new position at London’s Central Bank. Tolga Akmen/Pool via REUTERS/File Photo

(Reuters) – Inflation exceeding the Bank of England target of 2.0% is extremely concerning. It must be controlled to avoid it becoming permanent embedded, Andrew Bailey, bank governor, stated in an interview with The Yorkshire Post newspaper.

Bailey stated that Bailey had told the newspaper, “We have a delicate and difficult job ahead of us so we have got the to prevent the thing becoming permanently integrated because that would be extremely damaging.”

“Unfortunately,” says the forecaster.

Bailey seemed to favor the more hawkish view of the British interest rate debate, even though there are growing signs that the economy is slowing.

The chances of a rate rise before the year’s end are already estimated by financial markets.

The newspaper was informed by the governor that because of the effects of the pandemic on consumer behavior, there were many challenges facing the economy.

He stated, “We’ve had some unwelcome price increases.”

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