BOE Quarterly inflation report:BOE chart shows CPI below target around 1.6% in 2 years. CPI likely to rise sharply above 2% target in near term, slack to apply downward pressure

BOE infation report:

• BOE chart shows CPI below target around 1.6% in 2 years, assuming market path, £200 bln QE
• MPC judges risks of inflation being above or below target in 2 years broadly balanced
• BOE chart shows growth returning start of 2010, reaching about 3.75% in 2 years
• BOE chart shows level of GDP returning to pre-recession peak in early 2011
• CPI likely to rise sharply above 2% target in near term, slack to apply downward pressure