The Governor of the Bank of England, Andrew Bailey, has cautioned against complacency and 'premature celebration' in the fight against inflation, emphasising that there is still progress to be made to return the rate to the 2% target.
Bailey's remarks came after the Bank's Monetary Policy Committee voted to maintain interest rates at 5.25% following their September meeting, a decision widely anticipated by markets.
The Governor's stance suggests a tolerance for above-target inflation in the short term, as the Bank continues to monitor economic conditions closely. He stressed the need for persistence in monetary policy to ensure inflation is sustainably brought down.
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