BoE’s King explains continuing high inflation

king-treasury

The Bank of England published governor Mervyn King's latest letter today (February 14) explaining to the chancellor of the exchequer why inflation remains above the 2% target.

Despite the Office for National Statistics revealing CPI inflation in the UK dropped to 3.6% in January, down from 4.2% in December 2011, King is still required to explain why the rate is more than 1% above target under the central bank's monetary policy remit.

King repeated his previous assertions that CPI inflation in th

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