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PPI Claim News - 1/7/2010

PPI claim: High inflation level concerns MPC members

Two members of the Monetary Policy Committee (MPC) have expressed their concerns over the high level of inflation, it has been revealed.

Both David Miles and Adam Posen claim that the Consumer Prices Index's rate of 3.4 per cent was too far from the target of two per cent, reports the Daily Mail.

While Mr Miles told the newspaper the current rate was uncomfortably far from its target, Mr Posen hinted at the 'slow upwards creep' in inflation.

However, neither wanted to commit to a rise in interest rates.

Mr Miles told the news provider: "My own judgment is that we haven't yet got to the point at which a tightening in monetary policy is the right thing to do."

Furthermore, Mr Posen claimed that he would only consider a rate hike if there was another dip in the recession.

Fellow MPC member Andrew Sentance recently called for interest rates to rise by 0.25 per cent to 0.75 per cent.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-19869861-ADNFCR

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