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Inflation spike temporary, says BoE deputy governor

Inflation spike temporary, says BoE deputy governor
Business
The pick up in the rate of inflation, which the Bank expects to hit more than 3%, is mainly due to temporary rises in goods prices, he said.

Economic uncertainties around the pandemic remain, he added.

But some Bank policymakers have suggested a change might be needed.

Last week, Michael Saunders and deputy governor Dave Ramsden - who are both members of the Bank s Monetary Policy Committe (MPC) - said that the time for tighter monetary policy might be approaching.

But another MPC member, Jonathan Haskel, said reducing support for the economy was not the right option for the foreseeable future and Catherine Mann, who joins the MPC on 1 September, has warned against curbing stimulus too soon.
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