BOE's Bailey Says 'Too Soon' to Declare Victory on Inflation

The video discusses the current state of inflation, which is above 10%, and the uncertainties surrounding it. It highlights the potential risks of inflation affecting price and wage settings in the UK economy, exacerbated by a tight labor market. The central projection for inflation is skewed to the upside, leading to a decision to increase bank rates despite a weak economic outlook. The video emphasizes the need to monitor inflationary pressures closely and the importance of being cautious before declaring victory over inflation.

Why is it considered too soon to declare victory over inflation?

What actions are being taken to monitor inflation data?