Bank of England warns households to expect sharp rise in inflation next year

The Bank of England has warned households to expect a sharp rise in inflation next year as the weak pound ramps up the costs of imports and squeezes family finances. Predicting rises in petrol prices and other goods that the UK buys in from abroad, the Bank said inflation would rise from 1.3% this year to 2.7% in 2017 and 2018, higher than in its last set of forecasts three months ago. In its new outlook, the monetary policy committee (MPC), led by the Bank’s governor, Mark Carney, said it would take until 2020 for inflation to get back to the target of 2% set by the government.
Read more: https://www.theguardian.com/business/2016/nov/03/bank-of-england-rate-cuts-2017-growth-forecast-inflation?source=Snapzu