Governor Andrew Bailey says households are feeling the effects of growing inflation.
The Bank of England governor has said he is "very sorry" that UK inflation is rising amid forecasts the cost of living could reach as much as 5%."I'm very sorry that's happening," he said. "None of us want to see that happen."It signalled that the rate - currently at a historic low of 0.1% - will rise in the "coming months" as inflation is expected to grow.
Inflation is currently ahead of the Bank of England's 2% target at 3.1%. There are expectations it could rise to 5% by next April.Mr Bailey said: "Inflation is clearly something that bites on people's household income. I'm sure they're already feeling that in terms of prices that are going up." Mr Bailey said current conditions were different because inflation was being caused by global "supply shocks" rather than demand pressure in the UK economy.
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