Posen forecasts inflation ‘well below’ Bank’s latest estimate

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Adam Posen, an external member of the Bank of England's Monetary Policy Committee, on Thursday warned that inflation in Britain could substantially undershoot the Bank's 2% target in the coming years.

CPI inflation, the policy-relevant measure, has been more than one percentage point above the Bank's target since January. The economist, however, pointed to four "empirical regularities" to show why, if this time was no different from the past, inflation two-plus years from now could fall "well be

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