PRESS RELEASE : Bank of England must act urgently to bring inflation down [October 2022]

The press release issued by the IEA on 19 October 2022.

Commenting on the latest ONS inflation data, Christopher Snowdon, Head of Lifestyle Economics at free market think tank the Institute of Economic Affairs, said:

“Double digit inflation in September is what was expected and it will get worse before it gets better. It is particularly concerning to see food and soft drink inflation at nearly 15 per cent.

“In real terms, interest rates are currently at minus eight per cent. The Bank of England keeps saying that it will not hesitate to raise rates and yet it consistently does far too little far too late.

“The two per cent target is laughable. This inflation is clearly not transitory. People will continue to see their salaries and savings eaten away until the Bank of England starts taking it more seriously.”