BOE Rate Hike Was Right to Reach 2% Inflation, IMF Official Says

The Bank of England did the right thing with its large interest-rate hike last week and is on track to get consumer-price growth down to 2%, according to an official at the International Monetary Fund.

“Inflation has been more persistent than expected, so that tightening move was important,” Alfred Kammer, the fund’s European director, told Bloomberg Television in Sintra, Portugal. “Are they going to achieve the inflation target by mid 2025? We are expecting that, and that’s one important element.”