MNI BRIEF: Inflation Near Peak, To Fall Slowly - BOE's Greene

Inflation is set to peak at 3.8% in the third quarter of this year, but will decelerate only slowly to meet the Bank of England's 2% target in 2027, Monetary Policy Committee member Meghan Greene said on Monday.

Speaking at the Society of Professional Economists annual conference, Greene said wage growth was moderating and some slack was opening up in the labour market.

Upside risks to inflation remained a concern,  though she said that much of the current upside in the headline number came from administered prices.

Food inflation has been a big cause of higher prices -- particularly influencing consumer price expectations -- but is expected to peak at 5.8% around the turn of the year, Greene said. (See MNI: BOE Keeps Bank Rate At 4%,  APF Reduction GBP 70Bln)