PRESS RELEASE : The path to 2 per cent inflation − speech by Silvana Tenreyro [November 2022]
The press release issued by the Bank of England on 11 November 2022.
In this speech Professor Silvana Tenreyro explains how energy prices affect inflation, and how that can depend on the strength of the labour market. She discusses how government and financial-market responses to the economic shock may inform the Monetary Policy Committee’s decision on interest rates.
She sets out how these factors interact, and explains why in her assessment it was necessary to raise interest rates by 0.25 percentage points at the November 2022 Monetary Policy Committee Meeting.
