Bank of England Governor Andrew Bailey said Thursday that the central bank remains cautious in its battle to tame inflation.
Governor Andrew Bailey said Thursday that the central bank remains cautious in its battle to tame stubbornly high inflation as U.K. data continues to offer "unwelcome surprises."
The Monetary Policy Committee voted 6-3 in favor of the quarter-point hike — the Bank's 14th consecutive increase. Two members erred toward a 50 basis point increase, while one voted to keep rates unchanged. "We've seen some quite big surprises in recent months," Bailey said, citing "frankly unwelcome surprises" in June.
from a hotter-than-expected 8.7% in May, though core inflation — which excludes volatile energy, food, alcohol and tobacco prices — stayed sticky at an annualized 6.9%, down just slightly from May's 7.1%.
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