BOE’s Cunliffe Sees Risk of U.K. Inflation Undershoot on Ukraine War

Bank of England Deputy Governor Jon Cunliffe said there’s a risk that the war in Ukraine leads to inflation undershooting the U.K. central bank’s goal, although policy may still need to be tightened.

The member of the BOE’s Monetary Policy Committee said officials need to be more vigilant in watching what impact commodity prices will have on the economy, though for now he said there’s not much evidence of persistently higher inflation expectations.