Quarterly Inflation Report: Bank of England
- The MPC continues to judge that the UK economy is set for a slow but sustained recovery in both demand and effective supply
- CPI inflation is likely to rise further in the near term and may remain above the 2% target for the next two years.
- Inflation is expected to fall back to around the target thereafter, as a gradual revival in productivity growth dampens increases in domestic costs and external price pressures fade.
- Growth is likely to remain weak in the near term