Inflation ‘guaranteed’ to fall in 2023 unless new global shock hits, says Andrew Bailey

Bank of England governor Andrew Bailey said he was concerned at the persistence of inflation (Yui Mok/PA) (Picture: PA Wire)

Policymakers at the Bank of England have said inflation is almost “guaranteed” to come down rapidly this year unless there is a new, unexpected global event.

Andrew Bailey, the Bank’s governor, told MPs during the Treasury Committee that he is “concerned” about the continued persistence of inflation, but expects the rate to halve this year.