Remarks by BOE policymaker, Jon Cunliffe
- Need to understand context for high inflation as economy reopens
- Key question is whether demand surge and supply chain problems are persistent
- Expect some 'transitive' pressures on prices
- Will try to get better read of supply, demand for August forecasts
- Will reassess inflation rate in August
- Need to see if it is something we would need to act against
Cunliffe reacts to the UK inflation report earlier, which showed a jump in price pressures once again - keeping the BOE on their toes for the time being.
At least he is laying down a timeline to which they will formally formulate a response and that will come in the August meeting, so that will be a key one to watch next month.
