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Bank Loan: Inflation still 'uncomfortably' high

Inflation is still "uncomfortably" high and is being closely monitored by the Bank of England, it has been claimed.

Charlie Bean, the deputy governor of the Bank of England, expressed his belief that inflation is a risk due to the "upward pressure on the prices of commodities and tradable goods".

In a speech at the Market News International Annual Seminar, he expressed his belief that the bank may have to raise interest rates at some point over the coming months to keep inflation under control.

"It may be some while yet before normality is restored," he said.

Mr Bean warned that if the Bank chose the wrong time to raise the base rate it "would simply have put a brake on the recovery unnecessarily and would have made inflation more likely than not to fall below the target in the medium term".

Yesterday (14th December), the Office for National Statistics revealed that the price of raw materials bought by British manufacturers increased by 0.9 per cent in November and is now nine per cent higher than in 2009.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800291329-ADNFCR

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