Lane said he does not take a lot of comfort from the recent rapid fall in overall inflation because this is largely driven by the reversal of big energy price increases from a year earlier.
This rapid decline that lowered the headline rate to 2.9% last month is likely over for now and price growth will be in the “high twos or low threes” in 2024 before a drop back to the 2% target in 2025, Lane added.
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