The Bank continues to forecast the headline annual rate of inflation will be back at its target by May this year.
The journey to price-stability continues. The Bank’s target of 2% feels within touching distance and the Bank points towards signs of progress but there is still no sign of interest rate cuts.The Bank thinks the headline annual rate of inflation will be back at target by May this year.
“We’re not yet at the point where we can cut interest rates,” acknowledging perhaps in the clearest terms yet that “things are moving in the right direction.” Last month, the committee was split, this month they’re more aligned. Eight members, including the Governor voted in favour of a hold, one member - Swati Dhingra - voted for an immediate cut.
Annual wage growth and Service price inflation both stand at 6.1%, levels the Bank is unwilling to tolerate. The concern the Bank has, is that households and firms are trying to reclaim their lost spending power by increasing their pay and profits respectively, financed by an increase in prices.
The Bank’s objective is to keep applying the appropriate amount of restraint on demand to bring back price stability whilst causing as little pain as possible.
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