- Food inflation appears to have peaked
- Expect inflation to drop to about 5% in October
- Yet inflation of services comes with "unwelcome news" since May
- There is more than one path to rates that could put inflation back on target
- We will judge what is most appropriate on the evidence
- We have to balance the risks. There are risks in both directions
- Economic outlook has weakened since May
- I don't agree we've lost control of inflation
- There are two fundamental underlying effects that will cut inflation this year
- The economy has been more resilient and that's good news
- We were sitting here in November saying a recession would be long and that didn't happen
- Unemployment has remained very low historically
- I don't think there's a reason to raise the rate by 50 basis points today
- The Bank of England is evidence-based
- It's not the time to announce that we're "done" with rate hikes
- If there are more signs of continued inflation, we will raise rates further
- But again there is more than one path to achieving the inflation target.
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