Carney pledges to return inflation to 2%

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."