BoE’s Bailey: Persistence of COVID caused higher inflation
Bank of England (BoE) Governor Andrew Bailey (pictured) stated on Wednesday that the persistence of the coronavirus pandemic pushed the inflation in the country to higher than expected levels. Testifying to the Treasury Committee, Bailey noted that the expected rebalancing of supply and demand for goods and services didn’t happen due to the resurgence of coronavirus cases.
However, he also said that the BoE expects supply chain bottlenecks to sort themselves out and that it is unlikely that commodity prices will continue to rise. Previously, BoE’s Sanders commented on the rising consumer prices saying that it may cause more severe policy solutions.
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