BoE's King sees near-term rise in inflation

Speaking before the Treasury Select Committee on Tuesday 28 March, Bank of England governor Mervyn King said that CPI inflation will likely rise above the 2 pct target over the short term.

King told the Committee that the central bank's last forecast round in February did not anticipate the 'very striking' rise in gas prices.

'The increases in gas prices which were announced recently are likely to push inflation over the target in the short term, and erode the purchasing power of household incomes

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