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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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 Posted: Wed Aug 09, 2006 10:22 pm Post subject: UK inflation to soar above target |
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The Bank of England has said British inflation will move further above target than it previously forecast.
The news came in the central bank's quarterly inflation report and followed last week's shock British rate increase which was aimed at keeping inflation in check.
British annual inflation was now expected to rise higher than the current 2.5% level in the near term, owing to soaring energy costs and higher university education fees, before easing back towards the British government target of 2%, the Bank of England said in its report.
The bank also revised slightly upwards its forecasts for economic growth following the 0.8% quarterly rise in the second quarter of 2006 - which had marked the fastest quarterly rate in two years.
The BoE said that GDP growth had recovered to near its long-run average, thought to be around 2.5% a year, and added that the surveys point to further strengthening. Its central projection is for GDP growth to rise by about 3% this year before slowly easing in the subsequent two years.
That compared with the previous report in May, when the central bank had said that British economic growth would remain close to its long-term trend rate of 2.5% over the next two years. |
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