BoE's Sentance on the inflationary threat

In the face of the current oil and commodity price pressures, policymakers cannot expect to maintain the benign world of steady growth and consistently low inflation, said Andrew Sentance, a member of the Bank of England's Monetary Policy Committee.

"Inflation is being pushed up in the short term, and it will take time to get it back under control. That will require a squeeze on spending and incomes in the UK and other economies, with consequences for economic growth and employment in the short

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