BOC minutes: Members were divided on whether rates would need to be hiked again ...Middle East

Some members of governing council felt it more likely than not that overnight rate would need to rise furtherOther members felt 5% would likely be enough to bring inflation to targetThere was a strong consensus that with increasing evidence of falling inflation, BOC should be patientAgreed to revisit need for rate hike at future decisions, after seeing more dataThe lack of downward momentum in underlying inflation caused considerable concern, could mean more time needed or that policy not restrictive enoughAgreed overall inflationary risks had increasedPersistence in core, elevated expectations, wage growth and atypical corporate pricing behaviour indicate high inflation is becoming entrench

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BOC minutes: Members were divided on whether rates would need to be hiked again ...Middle East

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