Posen breaks with Bank line on inflation

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Adam Posen, an external member of the Bank of England's Monetary Policy Committee (MPC), on Wednesday broke ranks with the view of Mervyn King, the governor, and other internal members of the committee on why inflation expectations have remained persistently high.

At 3.4% in the year to May, inflation is well above the central bank's 2% target. It has been more than one percentage point above target since January, forcing King to pen letters to the chancellor of the exchequer in February and May

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