Inflation is forecast to temporarily return to the Bank of England’s target of two per cent by summer, according to the central bank.
The Bank has revised its predictions for the Consumer Price Index (CPI) after holding interest rates at 5.25 per cent earlier today.
The annual CPI inflation rate is now predicted to return to two per cent in the second quarter of this year, albeit briefly.
This represents a significant revision of the Bank of England’s near-term outlook for price growth compared with November’s projections.
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Inflation is expected to half by summer, according to the Bank
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