- Omicron expected to have depressed UK output somewhat in December and January
- UK consumer inflation roughly 1% higher than anticipated in latest report
- Inflation expected to increase further in the coming months
- Rising domestic cost pressures, driven by tight labour market, have pushed up inflation
- Upward pressure on inflation expected to dissipate as global energy prices stabilise
- There is still unusually high uncertainty on the economic outlook
- Will continue to monitor inflation expectations very closely
So far, there isn't any added fuel to the fire as the remarks mainly underscore the more hawkish tone put out from the statement summary and details that we got earlier. We'll see if he has any more to say but perhaps there isn't much else that needs to be said already at this point beyond what we have gotten.
