BoE sees strong possibility of inflation undershooting its target

CPI inflation in the UK is set to fall sharply in 2012, and is expected to be below target rather than above over the medium term, according to the Bank of England's (BoE) Inflation Report published on February 15.

The BoE says that while CPI inflation fell to 4.2% in December, down from 5.2% in September, it was still well above the 2% target. However, it says inflation should continue to fall sharply at the start of 2012, as the impact of past rises in VAT and petrol prices drop out of the 12

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