He argued that the weak global economy, falling commodity prices, more subdued import prices, falling capacity utilisation, and survey evidence that pipeline pricing pressures were diminishing all pointed to a reduction in underlying inflation. In addition, current measured inflation had been distorted by transient factors of which the most important was the highest rate of seasonal food price inflation (24%) since 1984.
Published on 24 July 2001
// News // Monetary Policy Committee (MPC)
Bank Rate maintained at 0.75% - September...
Bank Rate maintained at 0.75% - September 2019
// News // News release