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- Title
Why has inflation been so low since 1999?
- Abstract
In this paper, Stephen Nickell, member of the Bank's Monetary Policy Committee (MPC), explains why CPI goods prices have been falling in the United Kingdom since mid-1999. From 1999 to early 2001, the main factor was a squeeze on margins in the distribution sector. Since then, falling import prices have played a key role along with strong distribution sector productivity growth. Looking forward, while the latter should continue to play a role, import prices may well start to rise. This is consistent with CPI inflation moving up to the 2% target over the next two years.
- Subjects
UNITED Kingdom; NICKELL, Stephen; PUBLIC officers; CENTRAL banking industry; BANKING industry; MONETARY policy; FINANCE
- Publication
Bank of England Quarterly Bulletin, 2005, Vol 45, Issue 1, p92
- ISSN
0005-5166
- Publication type
Article