Bank of England (BoE) Monetary Policy Committee member Catherine Mann stated on Monday that UK companies will face challenges in raising prices this year due to weakening consumer demand and rising job losses, according to the Financial Times.
Key Takeaways from Mann’s Remarks:
Inflation in the UK is becoming less of a concern as corporate pricing power diminishes.
She expects pricing to align closely with the BoE’s 2% inflation target in the coming year.
Demand conditions have weakened significantly, prompting her to reassess her stance on the economic outlook.
Market Reaction:
As of press time, the GBP/USD pair is down 0.08% on the day, trading at 1.2355, reflecting cautious sentiment in the currency market following Mann’s dovish comments.
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