BoE's Besley: Second round price pressures exist

Bank of England Monetary Policy Committee member Tim Besley warned Thursday 12 October that second-round inflationary pressures still exist despite the drop in oil prices.

In written answers to the Treasury Select Committee, Besley said the commitment to keep inflation close to the 2.0 pct CPI target rate has helped to limit second-round effects in wages and prices.

"But it is still important to keep a careful eye on possible second-round effects in wages and prices," he said.

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