Bank of England’s Mann says fall in inflation pressure has long way to go
2024.10.24 09:55
WASHINGTON (Reuters) – Bank of England interest rate-setter Catherine Mann welcomed a recent fall in inflation in Britain but said the cooling of price growth still had “a long way to go” for the central bank to hit its 2% inflation target over the medium term.
“Our headline price print … was lower than projected in the August Monetary Policy Report. Services, which, of course, we have looked at very carefully for persistence, came in under 5% for the first time in a very, very long time,” Mann said.
“A little bit of a concern, goods prices are a little bit higher. In order to get to a target consistent (with a) 2% inflation rate, services still have a long way to go,” she said in a panel discussion on the sidelines of meetings of the International Monetary Fund in Washington.
