Bank of England must act urgently to bring inflation down
19 October 2022
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Press Release
In the Media
Matthew Lesh quoted in City AM and The Telegraph
19 October 2022
Economic Theory
11 November 2024
Commenting on the latest ONS inflation data, Christopher Snowdon, Head of Lifestyle Economics at free market think tank the Institute of Economic Affairs, said:
“Double digit inflation in September is what was expected and it will get worse before it gets better. It is particularly concerning to see food and soft drink inflation at nearly 15 per cent.
“In real terms, interest rates are currently at minus eight per cent. The Bank of England keeps saying that it will not hesitate to raise rates and yet it consistently does far too little far too late.
“The two per cent target is laughable. This inflation is clearly not transitory. People will continue to see their salaries and savings eaten away until the Bank of England starts taking it more seriously.”
Notes to editors
Contact: media@iea.org.uk / 07763 365520
IEA spokespeople are available for interview and further comment.
Further IEA reading:
‘Inflation: The next threat?‘, authored by Tim Congdon and Dr Juan Castañeda.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
“Double digit inflation in September is what was expected and it will get worse before it gets better. It is particularly concerning to see food and soft drink inflation at nearly 15 per cent.
“In real terms, interest rates are currently at minus eight per cent. The Bank of England keeps saying that it will not hesitate to raise rates and yet it consistently does far too little far too late.
“The two per cent target is laughable. This inflation is clearly not transitory. People will continue to see their salaries and savings eaten away until the Bank of England starts taking it more seriously.”
ENDS
Notes to editors
Contact: media@iea.org.uk / 07763 365520
IEA spokespeople are available for interview and further comment.
Further IEA reading:
‘Inflation: The next threat?‘, authored by Tim Congdon and Dr Juan Castañeda.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
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