The Monetary Policy Committee is likely to respond relatively quickly to news on tax policy.
The justification for a stricter policy is clear.
It remains true that most of the overshoot of headline CPI inflation, relative to the target, reflects the direct impact of higher import prices.
It also remains likely that much of it will disappear as those prices stabilize.
If government support mitigates the effect of import costs, the policy monetary You have more room to act.
There is now some uncertainty about the scale and nature of government energy subsidies.
It is unlikely that we will know for a while the exact form they will take.
It is not clear if the cups they should rise as much as the market sees.
Abandoning the power plan will fuel inflation.
Source: Fx Street
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