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"The inflation expectations survey suggests that the MPC was far from defeating persistent inflation before the war began, so policy will need to stay somewhat restrictive even without the latest energy price shock," Wood adds.

4h

TIL this exists (not first-hand, I should add) dictionary.cambridge.org/dictionary/e...

That description makes me think of David Brent

Tricky for the BoE. Obviously this is different from 2022 - very different labour market, which is clearly deflationary. But self-evidently there has been some de-anchoring in terms of consumer expectations which you'd think might play out in terms of needing restrictive policy for longer