Carney pledges to return inflation to 2%
Pound strengthens to a seven-year high versus the euro after Bank of England governor's comments
London
BANK of England (BOE) governor Mark Carney said that policymakers can look beyond the current bout of weak inflation as he pledged to return price growth to target "within a reasonable horizon".
"We are in a situation today where we have these one-off moves in oil prices - energy prices more broadly - and food prices that are principally driving inflation down and will likely bring it further down towards zero and possibly below," Mr Carney told lawmakers in a parliamentary hearing on Tuesday in London. "We can look through that."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked
US consumer sentiment falls as inflation expectations climb
HSBC wins £1.3 billion suit over Disney film finance scandal
WTO countries to reboot dispute reform negotiations