British businesses should consider official forecasts showing inflation will fall this year when setting their prices, Bank of England Governor Andrew Bailey said on Friday.
"When companies set prices, I understand that they have to reflect the costs that they face," Bailey told the BBC.
Bailey went on to say he did not have any evidence that companies were putting prices up more than necessary.to 4.25% on Thursday from 4%, a day after official figures showed an unexpected rise in the annual rate of consumer price inflation to 10.4% in February. "Now I do see encouraging signs. There is evidence of encouraging progress. But we have to be extremely vigilant on that front," he said.
Financial markets on Friday priced in one more BoE interest rate rise this year, taking rates to a peak of 4.5%.
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