The Bank of England expects inflation to exceed 3 percent temporarily, and to fall back once the impact of rising commodity prices prove transitory.
At the Monetary Policy Committee meeting on Thursday, policymakers repeated their forward guidance and kept the policy unchanged, as widely expected.
The MPC said it did not intend to tighten monetary policy at least until there was clear evidence that significant progress was being made in eliminating spare capacity and achieving the 2 percent inflation target sustainably.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.