King writes third letter in a row to government explaining above-target inflation

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Mervyn King, the governor of the Bank of England, was on Monday forced to write his third letter of the year to Britain's chancellor, as inflation dipped slightly but remained more than a percentage point above the 2% target.

In the letter, published Tuesday, King noted that the rate-setting Monetary Policy Committee (MPC) has been surprised by "the recent strength of inflation", which climbed down 0.1 percentage points from June to rest at 3.1% at the end of July.

The figure was released by the

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