Analysts are concerned the Bank of England's wayward inflation forecasts could lead to inflation expectations becoming unmoored after the latest data forced the governor to write another letter to the chancellor of the exchequer.
Annual inflation was more than one percentage point above the central bank's 2% target, hitting 3.7% in April. The figure, out Tuesday, meant Mervyn King, the governor of the Bank, was forced to write his second letter this year to the chancellor explaining why inflatio
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