The Bank of England hinted at "modest tightening" in a three-year horizon as policymakers expect inflation to temporarily reach 4 percent. The bank kept its key interest rate and quantitative easing unchanged on Thursday.
The central bank cautioned that the economy is set to undergo a "more pronounced" period of above-target inflation in the near-term than previously projected, before returning close to the 2 percent over the medium-term.
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