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The term "fan chart" was coined by the Bank of England, which has been using these charts and this term since 1997 in its "Inflation Report" [1] [2] to describe its best prevision of future inflation to the general public. Fan charts have been used extensively in finance and monetary policy, for instance to represent forecasts of inflation.
Uk inflation history inflation hit 24% in 1975 and in 1976 the Sterling crisis occurred, followed by the Winter of Discontent [2]. The traditional measure of inflation in the UK for many years was the Retail Prices Index (RPI), which was first calculated in the early 20th century to evaluate the extent to which workers were affected by price changes during the First World War.
In February 2011, annual RPI inflation jumped to 5.1% [16] putting pressure on the Bank of England to raise interest rates despite disappointing projected GDP growth of only 1.6% in 2011. [16] The September 2011 figure of 5.6%, the highest for 20 years, was described by the Daily Telegraph as "shockingly bad". [17]
Though inflation has fallen, it remains above the Bank of England's target of 2%. However, the bank sets interest rates on what it expects inflation to be in the coming year or two, so if ...
The Bank of England’s nine-member Monetary Policy Committee kept its main interest rate unchanged at 4.75% with new data showing inflation rising to 2.6%, further above the bank's 2% target.
Inflation is forecast to average 2.5 per cent this year and 2.6 per cent next year before coming down, assuming “the Bank of England responds” to help bring it to the target rate, the OBR said.
Under the Bank of England Act 1998 (c. 11) the Bank's Governor must write an open letter of explanation to the Chancellor of the Exchequer if inflation exceeds the target by more than one percentage point in either direction, and once every three months thereafter until prices are back within the allowed range. It should also set out what plans ...
Inflation has rebounded back above the Bank of England’s 2 per cent target, driving up the cost of living at an accelerated rate.. Having hit a 41-year high of 11.1 per cent in 2022, consumer ...