UK faces possible inflation ‘ratchet’ – BoE’s Mann

Catherine Mann
Catherine Mann
OECD/Herve Cortinat

The UK economy is seeing inflation “ratchet” higher due to a succession of shocks, which is starting to influence expectations, monetary policy committee (MPC) member Catherine Mann said on April 21.

Mann said past shocks to the UK economy had caused temporary surges in inflation, but these “died out quickly”. In contrast, recent years have seen Brexit, Covid, supply bottlenecks and now energy prices all driving up inflation.

The succession of shocks is starting to be noticed by households

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