McCafferty: BoE is right to look through oil price decline
If sustained, oil prices decline will impact inflation ‘into next year’
The Bank of England is right to look through the oil price decline, even if its impact on inflation is felt for a long time, according to Ian McCafferty, a member of its Monetary Policy Committee (MPC).
"The MPC's decision to look through the recent sharp fall in the oil price is consistent with its decision to accommodate the sharp, and persistent, increase in oil prices that occurred a few years ago," stressed McCafferty, in a speech yesterday in Durham.
The sharp fall of oil prices over the
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