The Bank Rate was reduced to 4.25 percent at the Monetary Policy Committee (MPC) meeting held on April 30, 2020. Inflation was unchanged for the fourth consecutive month at 2.2 percent in March 2020, remaining below the lower bound of the Bank’s desired medium-term objective range of 3 – 6 percent. Inflation is forecast to revert to within the objective range in the fourth quarter of 2020. This represents a significant downward revision compared to forecasts contained in the February 2020 Monetary Policy Statement.
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