BoE’s McCafferty says UK not yet in ‘true deflation’
Time of extraordinary policy 'drawing to a close', MPC member says
The UK is not yet in the grip of "true deflation", despite inflation standing at -0.1%, according to Ian McCafferty, an external member of the Bank of England's (BoE) monetary policy committee (MPC).
In a speech on June 11 to the Economics, Business and Enterprise Association, McCafferty drew a distinction between "dangerous but rare" deflation, where a downward spiral of inflation expectations entrenches falling prices, and the more temporary effects the UK is currently experiencing, driven by
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