BoE's Andrew Bailey: Pick-up in inflation makes outlook uncertain

UK inflation at 3.4%

Bank of England governor Andrew Bailey has cautioned that the recent increases in inflation add a fresh layer of uncertainty to its near-term outlook.

Headline CPI inflation fell sharply through 2023 and into 2024, before reaching the BoE's 2% target towards the middle of last year. However, this has since gone up to 3.4% in the latest data for May. Speaking at the British Chamber of Commerce 2025 Global Annual Conference on Thursday (26 June), Bailey said that the recent short-term pick-up in inflation "introduces some further uncertainty into the near-term outlook for inflation", adding: "We have to monitor very closely how this plays out". Trust in ONS data 'very low' as financial services turn to alternative sources The BoE e...