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BoE's Mann warns price pressures still strong, sees inflation rising again

Published 07/10/2024, 01:18 PM
Updated 07/10/2024, 01:21 PM
© Reuters. FILE PHOTO: Economist and member of the Bank Of England’s Monetary Policy Committee Catherine Mann poses for a photograph ahead of a speech at Manchester Business School in Manchester, Britain, January 12, 2023. REUTERS/Phil Noble/File Photo
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MANCHESTER, England (Reuters) - Bank of England interest rate-setter Catherine Mann on Wednesday emphasised the strength of price pressures in Britain's economy, giving a clear signal she is unlikely to vote for an interest rate cut in August.

Asked how inflation falling to the BoE's 2% target affected her thinking on policy, Mann said the drop was merely "touch and go" and that inflation would likely rise above that rate for the rest of the year.

Mann, one of the hawks on the BoE's Monetary Policy Committee, added that growth in wages and services prices were still inconsistent with the BoE's target.

© Reuters. FILE PHOTO: Economist and member of the Bank Of England’s Monetary Policy Committee Catherine Mann poses for a photograph ahead of a speech at Manchester Business School in Manchester, Britain, January 12, 2023. REUTERS/Phil Noble/File Photo

"Until I see some you know, deceleration, sustained deceleration in services, I really I'm not in a position," Mann said after delivering a speech on business investment at Alliance Manchester Business School.

She said the fact that inflation would rise later this year "matters for my decision making".

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