Bank of England Monetary Policy Committee member Catherine Mann said late Monday that companies will struggle to raise prices this year as consumers are hit by job losses and spending softens, per the Financial Times.
Key quotes
UK inflation is becoming less of a threat as corporate pricing power weakens.
I can see pricing coming very close to [2 percent] target-consistent [levels] in the year ahead.
Demand conditions are quite a bit weaker than has been the case — and I have changed my mind on that.
Market reaction
At the press time, the GBP/USD pair is down 0.08% on the day to trade at 1.2355.
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