Investing.com – The BoE Thursday raised its forecasts for UK inflation and sees growth slowing.
The bank’s November inflation report sees CPI rising from 1% this year to 2.7% by end-2017.
Seen slowing later to reach 2.5% over three-year period. BoE target rate is 2%.
BoE said offsetting temporary higher inflation by tightening would be “excessively costly” for growth, jobs.
Bank sees GDP growth slowing from 2.2% this year to 1.4% in 2017, picking up to 1.5% in 2018
The BoE monetary policy committee Thursday left rates on hold; neutral on future moves.