Bank of England’s Mann says inflation drivers still strong

Reuters

LONDON (Reuters) – Britain is still facing strong domestic drivers of inflation on top of the impact of surging international energy prices and the after-effects of the coronavirus pandemic, Bank of England interest rate-setter Catherine Mann said on Thursday.

“There still is a lot of momentum in the underlying drivers, domestic drivers of inflation,” Mann said during a panel discussion organised by the American Enterprise Institute, a think-tank.

“So the Bank Rate rise that we announced today, as well as the potential for future increases, it is because the dynamics of domestic inflation are still quite strong.”

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Earlier on Thursday, the BoE raised its benchmark rate by three quarters of a percentage point to 3.0% as it sought to combat risks from an inflation rate running above 10%.


(Writing by William Schomberg; Editing by Sachin Ravikumar)


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