Prior 5.25%Bank rate vote 7-0-2 vs 8-0-1 expected (Dhingra, Ramsden voted to cut by 25 bps)CPI inflation is expected to return to close to the 2% target in the near-termBut it is to increase slightly in the second half of this year, owing to the unwinding of base effectsThere continue to be upside risks to the near-term inflation outlook from geopolitical factorsKey indicators of inflation persistence are moderating broadly as expected, although they remain elevatedMonetary policy will need to remain restrictive for sufficiently long to return inflation to the 2% targetMonetary policy needs to be restrictive for an extended period of time until the risk of inflation becoming embedded above t
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