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Oil prices pose major inflation threat, says Bank
- Article from:
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Yorkshire Post
- Article date:
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June 27, 2008
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Copyright informationCopyright 2008 Yorkshire Post. Provided by ProQuest LLC. (Hide copyright information)
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Bank of England rate setters warned yesterday that a further rise
in oil prices posed the biggest threat to efforts to bring runaway
inflation under control.
The Bank's monetary policy committee (MPC) expects inflation to
rise above four per cent this year - more than double its two per
cent target - but has previously stressed the temporary nature of
the rise.
Governor Mervyn King told MPs on the Commons Treasury select
committee that a further rise in oil prices - which hit a record of
almost 140 US dollars a barrel earlier this month - would "make it
that much more difficult" to control the cost of living and could
prompt action from the MPC if it fed into wage demands.
His warning comes ...
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