The Bank of England is poised to raise interest rates for the 10th time in a row on Thursday to keep up its fight against rampant inflation, but it might also drop a hint about when the steep climb in borrowing costs will end.
But underlying inflation has not fallen and wages are growing at the fastest pace on record apart from during the pandemic when state support distorted the data.
"I am more worried that underlying inflationary pressures are far from played out," John Gieve, a former BoE deputy governor, told The Times. "Earnings in particular are growing strongly especially in the private sector and firms still expect to be able to raise prices." It is expected to say the economy will contract by less in 2023 than its November forecast of a 1.5% hit. Earlier this week the International Monetary Fund saidThe BoE's inflation forecasts are also likely to change with recent sharp falls in international gas prices and a rise in the value of sterling lowering inflation later this year.
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