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June 22, 2023BANK OF ENGLAND MONETARY POLICY The Monetary Policy Committee (MPC) of the Bank of England voted to increase the Bank Rate by 0.5 percentage points to 5.0%.
Global economic activity is expected to be slightly stronger in Q2 2023 than expected in the May Monetary Policy Report. Inflation rates are falling in US and euro area but core inflation remains elevated.
According to the first quarterly estimates, real Gross Domestic Product (seasonally adjusted annualized rate) grew 0.5% in the first quarter of 2023, slightly stronger than expected in the May Monetary Policy Report (MPR). Household consumption was up by 0.1% while business investment had been estimated to increase by 0.7%.
The Labour Force Survey (LFS) unemployment rate remained flat at 3.8% in the three months to April 2023, consistent with the expectation in the May Monetary Policy Report. LFS employment had grown by 0.8% in the three months to April, slightly stronger than had been expected at the time of the May Report.
CPI inflation remained unchanged at 8.7% in May 2023. This was 0.3 percentage points higher than expected in May MPR.
The MPC will continue to monitor closely indications of persistent inflationary pressures, including the tightness of labour market conditions and the behaviour of wage growth and services inflation. The Bank notes that further tightening in monetary policy would be required should the economy feel more persistent pressures.
Source: Bank of England, Monetary Policy Summary
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