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"Bank of England - Wrong and Powerless"
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Inflation actually needs to go below 2% (but preferably not below 1%) for an extended period of time simply for the MPC to 'meet' the 'target' - because the 'target' is supposed to be the average rate of price increases
thats not their mandate - its not average inflation over time, so a period of over 2% doesn't have to be averaged with under 2%. 2% is considered to be the ideal level of inflation each and every year - as it happens, since being made independent, CPI inflation has averaged very close to 2% - I beleive its within 0.2% of it0
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