RECENT international warnings on low interest rates from the
"My basic point is that this is an an-alysis that is outside the political and political economic reality," Carney ad-ded. The governor actually sits as a dir-ector on the board of the BIS.
Just prior to the Bank chief's testimony to the Treasury select committee, official figures showed a surprise up-tick in annual inflation in June - the consumer price index jumped by 1.9 per cent, up from 1.6 per cent in May, the biggest one-month rise since 2012.
Although inflation has been below-target this year, the data indicated that price growth was just 0.1 percentage points short of the Bank's aim last month.
"Half of the rise reflected what seems likely to be a temporary blip in inflation in the clothing sector from minus 0.1 per cent to 2.4 per cent," said
He added: "This appears to have largely reflected the later start to the summer sales this year than last."
The latest report from BIS warned that low interest rates were promoting the accumulation of debt and could be entrenching a low-growth outlook.
"It's an interesting commentary from an institution that doesn't have policy obligations," said Bailey, concluding that he agreed with the governor's comments.
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