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Letter from the Governor to the Chancellor on CPI Inflation - March 2024
Dear Jeremy On 20 March 2024, the Office for National Statistics (ONS) published data showing that twelve-month inflation in the Consumer Prices Index (CPI) was 3.4% in February. This letter sets out the outlook for inflation and the policy action the Monetary Policy Committee (MPC) is taking to return inflation to the 2% target, along with other considerations required by the MPC’s remit when inflation moves away from the 2% target by more than 1 percentage point. Inflation has continued to fall as expected. Cost pressures have eased, and the restrictive stance of monetary policy is working to bring inflation ... (full story)
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Letter from the Chancellor to the Governor on CPI Inflation - March 2024
Dear Andrew, Thank you for your letter of 21 March on behalf of the Monetary Policy Committee (MPC) regarding February’s Consumer Prices Index (CPI) figure. The twelve-month measure of CPI inflation was 3.4% in February, which triggered an exchange of open letters under the terms of the MPC remit. I welcome that CPI inflation has fallen by a further 1.2 percentage points since your last letter in December, from 4.6% in October to 3.4% in February. CPI inflation has more than halved relative to its peak, having fallen from 11.1% in October 2022. The plan is working to bring inflation down, but we must not be ... (full story)
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- Mar 21, 2024 7:06am Posted by
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