But he did say this may take a year or so following higher inflation this year until a slowing economy brings it back down.
“The Monetary Policy Committee's current judgement is that inflation is likely to rise to above 4% before the end of the year, although this projection is very sensitive to the path of domestic gas and electricity prices,” said King.
“The economic slowdown will need to be sufficient to ensure that inflation does not persist above the target. But at the same time, we need to avoid a slowdown that is so pronounced that it would pull inflation down, not just to the target, but below.
“So although inflation is rising now, we will ensure that it falls back to the 2% target.”
