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Inflation running above the Bank of England's 2% target appears to have become embedded in the British economy and risks getting further entrenched in wage negotiations early next year, BoE policymaker Catherine Mann said on Tuesday.
Sterling traded slightly above $1.32 as elevated energy costs and persistent inflation concerns reinforced expectations for UK interest rates to remain higher for longer. BoE policymaker Catherine Mann said on Tuesday that inflation above the Bank’s 2% target appeared to have become embedded in the economy. She warned
The pound eased against the euro on Tuesday as French bonds rallied from the previous session's fall that helped propel sterling to an almost three-month high. The euro was last up 0.1% at 84.88 pence after hitting an almost three-month low of 84.61 pence on Monday.
Bank of England policymaker Catherine Mann said inflation running above the target appears to have become embedded in the British economy. She said she was concerned inflation looked set to hit 4% around the turn of the year, potentially entrenching price rises.
BoE's Mann: Inflation Has Become Embedded In UK