(Bloomberg) --
Bank of England officials cut their forecasts for inflation, with external factors accounting for most of the downgrade, highlighting the impact of the global slowdown. The U.K. central bank now sees far weaker inflation in the near-term thanks to a drop in energy prices, and it will remain below target until late 2021. In August, the BOE predicted the 2% line would be breached in 2020.
To contact the reporters on this story: Jill Ward in London at jward98@bloomberg.net;David Goodman in London at dgoodman28@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Zoe Schneeweiss, Andrew Atkinson
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