Disinflation is still on track, BoE governor insists
Officials tell UK parliament that success so far does not mean mission is complete
Bank of England governor Andrew Bailey on March 5 told members of the UK parliament’s treasury select committee that disinflation was still on track.
Defending his decision to vote for the 25 basis point cut that took the bank rate to 4.5% on February 5, Bailey said the “underlying disinflation story” still held.
He added that the erosion of the persistence of inflation, resulting from shocks such as the pandemic and Russia’s invasion of Ukraine, was continuing.
The BoE’s chief economist, Huw Pill
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