Bank of England (BoE) Governor Andrew Bailey said at a press conference on Thursday that the BoE is on an "appropriate path" toward the 2% inflation target and that it will continue to analyze incoming data in determining the course of monetary policy. He refused to speculate on future decisions due to the unpredictability of factors impacting prices.
Bailey acknowledged the impact of high inflation and monetary policy tightening on the standard of living in the UK, but said that "if we don't tackle inflation, it will be worse for people." He also compared inflation rates in the UK and the Eurozone, explaining that the main factor that causes domestic inflation to rise higher and subside more slowly is the difference in energy pricing mechanisms between the two markets.
