5/16, 4:42 PM (Source: TeleTrader)
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BoE's Bailey: 80% of inflation due to energy, tradable goods

Bank of England (BoE) Governor Andrew Bailey stated on Monday that more than 80% of the increase in inflation in the United Kingdom is due to energy and tradable goods issues while stressing that he is "not at all happy" with the inflation outlook.

Besides the military operation in Ukraine, Bailey pointed out the "further leg of COVID, which is affecting China," a situation that seems to affect "more seriously" the economy than the effects previously seen.

However, "the zero COVID policy that China has pursued, up till now has caused dislocations in China, but our assessment is that actually, it hasn't caused major economic effects," concluded Bailey.

Baha Breaking News (BBN) / JG