Trust in Bank of England’s abilities to control inflation slides

Economy
By Liam

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Confidence in Bank of England’s ability to contain inflation slides to record low

By Daily Mail City & Finance Reporter

Published: 21:51 BST, September 15, 2022 | Updated: 21:51 BST, September 15, 2022

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Confidence in the Bank of England’s ability to contain inflation has fallen to an all-time low.

The balance of those who were satisfied with the Bank’s performance on the cost of living fell from -3 percent to -7 percent in August, according to the latest Inflation Attitudes Survey.

Inflation remained stubbornly high over the past month.

Prices up: The balance of those happy with the Bank of England's cost of living measures fell from -3% to -7% in August, according to the latest Inflation Attitudes Survey

Prices up: The balance of those happy with the Bank of England’s cost of living measures fell from -3% to -7% in August, according to the latest Inflation Attitudes Survey

Although the price increase fell from its 40-year high of 10.1 percent in July to 9.9 percent, it is still well above the 2 percent target, figures show.

Myron Jobson, senior personal finance analyst at Interactive Investor, said the results will “increase the fire” in the Bank’s Monetary Policy Committee, which is set to raise interest rates again next week.

Since December 2021, the rate-setting committee has implemented six consecutive rate hikes.

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