Bank of England forecasts falling inflation

The Bank of England published its August 2004 Inflation Report on 11 August. According to the report UK inflation will hit its 2% target in two years, as long as interest rates rise in line with the gradual upward path the market currently expects.

In its quarterly Inflation Report the BoE said that its forecasts for both GDP growth and inflation were similar to those it made in May.

The BoE said that assuming rates rose in line with market expectations inflation would ease in the near-term before

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