- Analytics
- News and Tools
- Market News
- BoE's Bailey: We are on track to bring inflation down to target
BoE's Bailey: We are on track to bring inflation down to target
Bank of England (BoE) Governor Andrew Bailey, speaking at the Henry Plumb Memorial Lecture, noted that while inflation has run far over the BoE's main targets, signs are appearing that runaway prices, specifically in the food sector, are beginning to come to heel.
BoE Governor Bailey noted that overall inflation blew well past the UK central bank's main 2% target, reaching a peak of 11.1% in October of 2022. Despite UK inflation receding to 4.6% at the latest data reading, there's still plenty of ground to cover before reaching the 2% target once more, and Governor Bailey warns that it's certainly too soon to "declare victory" over inflation.
Inflation in food and beverages climbed to 19.1% in March of 2023, contributing 2 whole percentage points to overall inflation. Bailey noted that food inflation is still above 10% as of October, and the BoE is hoping that food price growth will slow to 3% by the end of the short-term forecast cycle in March of 2024.
Market Reaction
BoE Governor Bailey's speech did little to galvanize Pound Sterling (GBP) markets, and the GBP/USD pair continues to trade near the 1.2500 handle on Monday.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
