- Aggregate rate of inflation likely to rise further in the next few months
- Chances are that it will comfortably exceed 5% in April
- Good reason to think that goods inflation will likely fade before a policy decision could do much
- Tightening of labour market is likely to be a more persistent source of inflation
If anything else, he doesn't sound too keen on advocating a rate hike. The BOE already failed to make any friends with the unpopular decision back in November but at least this time they're not outright selling the case to tighten.