The Bank of England says inflation could still be above 5% by the fourth quarter of the year, throwing doubt on Rishi Sunak’s promise to half price rises, and says the CPI won’t hit its 2% target until 2025.
The Bank’s Monetary Policy Committee now expects a Consumer Price Inflation rate of 5.1% by the end of the year. This is up significantly from the 3.9% rate predicted in February.
