Bailey says ‘still inflationary pressure in pipeline’ despite US and Iran nearing peace deal as interest rates kept on hold
The governor of the Bank of England has warned consumers to expect higher costs this year as a result of the conflict in the Middle East, despite falling oil prices as the US and Iran near a peace deal.
Speaking after the Bank kept interest rates on hold at 3.75%, Andrew Bailey said there was “still some inflationary pressure in the pipeline” after the conflict pushed up energy prices.
