Deloitte chief economist inflation figures comment

Commenting on the latest inflation statistics published this morning by the Office for National Statistics, Ian Stewart, chief economist at Deloitte, the business advisory firm, said:

“The Bank of England can take some comfort from the fact that UK inflation has drifted up from last year’s all-time lows.

“But with inflation running at a quarter of its target rate, and with economic uncertainty rife, the Bank is miles away from raising rates. The Bank’s big problem is sustaining growth and getting inflation up.

“Inflation may have bottomed, but the mounting risks in the global economy, and the continued risk of deflation, means that interest rates are likely to stay on hold until next year.”

End

Notes to editors

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