The domestic labor market adjustment is likely to be a more persistent source of inflation, said the deputy governor of the Bank of england (BoE), Ben Broadbent. During a speech on the outlook for growth, inflation and monetary policy on Monday, Broadbent added that the Omicron variant could interrupt the process of abandoning the “zero COVID” policy in the countries of the Pacific region.
The official warned that it is likely that the inflation increase further in the coming months and comfortably exceed 5% in April. On what to do about it, Broadbenti said that it is best to think that each meeting is a one to decide on the level of interest rates.
These comments help the libra to be among the top performing currencies on Monday, heading into next week’s Bank of England meeting.
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