Wednesday March 12, 02:07 PM
UK BUDGET Darling lifts 2008 CPI inflation forecast
LONDON (Thomson Financial) - UK Chancellor of the Exchequer Alistair Darling has admitted inflation during 2008 will come in above the Bank of England's 2.0 pct target.
In official Budget documents the Treasury said it is now
forecasting CPI Inflation during 2008 to be 2.50 pct, reflecting the 'significant increases in global agricultural commodity and energy prices'. In the October Pre-Budget Report CPI was forecast to be in-line with the BoE's 2.0 pct target.
However the Treasury said that CPI (NYSE: CPY - news) should fall back to target in 2009 and remain around that level thereafter.
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